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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: jeffbas who wrote (8682)	10/19/1999 11:27:00 AM
From: peter michaelson	Respond to of 78652

Jeffrey, I think that between the two of us we have summed it up pretty well. But what a balance sheet!!! 8^} regards, peter

To: jeffbas who wrote (8682)	10/19/1999 11:33:00 AM
From: Madharry	Respond to of 78652

I guess the additional risk is that the company gets sold at a small premium to the price of the stock or that controlling interest is purchased, the fund is liquidated and put into businesses that go into the toilet. How do we assess that kind of risk? Is this a family controlled business and are 2nd generation family members being groomed to succeed ala LOEWS?

To: jeffbas who wrote (8682)	10/19/1999 11:06:00 PM
From: Cary Chubin	Read Replies (1) \| Respond to of 78652

I've been told the value of timber holdings is approximately $4 million though on the books significantly lower. There is also some additional value in the contract with Brunswick. The operating business stinks, the play is the wide discount in the portfolio. Mr. Gettler is indeed 20% owner and 74 years of age. Cary Chubin

To: jeffbas who wrote (8682)	10/21/1999 11:54:00 AM
From: David	Read Replies (1) \| Respond to of 78652

VUL is a very tempting situation. Also, the Yahoo board has some excellent posts for anyone who is interested. PNC Bank and Ameritech seem excellent companies to own, but it seems that it would be impossible to find a good buying opportunity at a conservative value investing (buffetology) criteria to ever purchase these stocks individually in the open market. I quickly looked at the standard ratios and the p/e's and p/b's are higher than I typically like. On a quick glance, I doubt I would be purchasing any of these companies in the open market because they always seem too pricey. Does anyone have an opinion on whether the VUL discount is sufficient enough to provide a solid margin of safety in this basket of securities? i.e. how do the fundementals look at the VUL price?