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

To: Wright Sullivan who wrote (8773)	10/27/1999 10:44:00 AM
From: Wallace Rivers	Respond to of 78656

Bought S yesterday - was cheap, got cheaper because of an event, IMHO. Don't often do this, and don't advocate shorts, but I am at least perusing CNDS, which is the biggest loser on the Nas today - their last 10Q is amazing, laid out all the risk factors point blank. They have a large amount of indebtedness, have been continuously losing $$$, and the CEO today announced a restructuring, in which he stated equity holders "in such a restructuring, their equity stake in the company may be adversely affected." Am I missing something here, it looks like chap. 11 may be right around the corner, and common holders will get substantially less than its current price. I have no position in CNDS, but wouldn't want to be long!

To: Wright Sullivan who wrote (8773)	10/27/1999 11:37:00 AM
From: Paul Senior	Read Replies (3) \| Respond to of 78656

Wright Sullivan: thanks for JOE info. I'm one of those "poor lost souls". Poor and lost because I've been following JOE on and off for 25 years or more and never took a position. Recently started looking at it yet again. And with today's news, I have actually stepped in and started to buy some of the danged thing. Imo, these real estate owner and developer companies (non-REITs and non-dividend paying) should be bought with a 5 year holding expectation at least. Although with JOE, it did very well in 1997 for thread readers who purchased at about this level (20-22) and saw a runnup to about 35. Began right after Jim Clarke, I believe, posted on JOE about their new start to unlock shareholder value. And from today's news, reinforces their seriousness about doing so. Since these companies are mostly specific to one geographical area and we have seen some recessions/booms that themselves occur in specific sections of the country (and that affect local real estate prices in those sections), it's possibly a good idea to be diversified among these companies. (Unless of course, someone were an expert as regards a specific company or a specific area of the country.) I now have small positions in four such companies. CDX, strong in California, is one for example, where I'm intending to add to my small stake. fwiw, Paul

To: Wright Sullivan who wrote (8773)	10/27/1999 12:22:00 PM
From: Madharry	Read Replies (1) \| Respond to of 78656

Thanks for mentioning this. I just listened to part of the conference call before deciding to take a 1/2 position in it. My understanding is that the hurdles remaining to overcome are 1. Private letter ruling from IRS. 2. Approval of majority of minority owners of Florida East Coast. Took the position because I have always wanted to own this company and I see this as a catalyst that shows that management is actually doing something to increase shareholder value. ALso I note that Fla. East Coast has a Telecommunications division that may not be fully reflected in its share price. Comments?

To: Wright Sullivan who wrote (8773)	10/27/1999 9:44:00 PM
From: James Clarke	Respond to of 78656

I sold most of my St. Joe in the 30s early 1998, and then dumped the last little bit when it died at 23. That was the best buy right+buy big+sell right I have ever done. My mother listened to me on buy but not the sell though and still holds it. Thanks for the update. I'd be interested in what the quick and dirty valuation looks like now, with the FEC shares at full value. FLA is considerably higher than when I last did my valuation. The split was 4:1, right? (I still think of FLA as a $95 stock). If those numbers look like I think they might, and nothing at St. Joe has changed (I haven't followed it for a couple quarters), then the 8% rise today may not fully reflect the news.