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

To: Paul Senior who wrote (10729)	6/15/2000 4:39:00 PM
From: James Clarke	Respond to of 78750

I am selling the REIT fund I bought last October near the bottom. I've made about 20% on it in a down market, especially for value stocks. They turned out to behave nothing like interest rate sensitives, which caught a lot of portfolio managers off guard. That's all I wanted out of it - I bought 20% below NAV, and now we are at NAV in my estimation. You will start seeing REITs issue shares in the near term if this rally continues, and that will put a hard top on it. I sold 1/3 about 2 weeks ago, 1/3 today, and will sell the rest soon. Senior Housing is an exception.

To: Paul Senior who wrote (10729)	6/16/2000 3:17:00 PM
From: Madharry	Read Replies (2) \| Respond to of 78750

ALSC announced another sell of one of its venture capital investments- it will make a profit of around $11MM. price of ALSC reflects neither its venture capital portfolio nor the success of it being able to monetize that portfolio. this makes three companies sold in 2 years inexchange for shares in BRCM, and now PMC SIerra.I am mystified by the weakness in the stock today. BWDIK

To: Paul Senior who wrote (10729)	6/18/2000 4:59:00 PM
From: Allen Furlan	Read Replies (1) \| Respond to of 78750

Paul,others interested in REITS. Has anyone had experience with liquidation of company with hard assets? I have Center Trust Realty(CTA) convertible debentures and have always considered them safe because of the reasonably solid assets backing them up. After seeing the stock drop to 5 year low I researched current status and and now am truly puzzled. thestreet.com The company has a stated goal to sell mature shopping centers so that the Jan 2001 debentures can be redeemed. They have cut their dividend to .21 a quarter and will be pulled out of the Russell 2000. That may be the cause of the drop in price. But a company with a 16% yield and what I believe to be a solid 8 dollar book should not be a risk at 5 1/8. What might I expect if they are not successful in their selling of mature properties? The reason is that I am considering the stock as value buy since there is a possibility of the whole shebang being sold. Has anyone had experience in this kind of situation.