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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (6803)	4/17/1999 1:23:00 AM
From: Stewart Whitman	Read Replies (2) of 78568

Paul, I'm sorry if I turned you off of PPE with my remarks on the spin-off thread. I've keep looking at it - market leader, good reputation for management, diversified portfolio of properties. I still come back to the facts as I see them - it is highly leveraged, Indian gaming in California is expanding (Prop. something or other was passed), lots of more places opening in Vegas, and more competition appearing in other "good" locations. This stock still isn't really attractive to me, because I don't feel comfortable with the balance sheet and the outlook. After watching the death stocks for some years (e.g. LWN and SRV) with their seemingly "reliable cash flow" for servicing debt faultering, I've been thinking about Buffet's low debt to equity rule (i.e. < 0.4 if I recall correctly). Still seems like a good general rule to live by, even in those "stable cash flow"-type situations. Regards, Stew

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