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

To: James Clarke who wrote (11444)	11/14/2000 8:43:08 AM
From: Daniel Chisholm	Respond to of 78486

...high yield corporates are yielding 14%. I don't buy bonds, but I play this through what I judge to be a diversified basket of lay-up LBOs if the high yield market shows any sign of life. I won't name them, so please don't ask. OK, but I've gotta ask what it is you are saying. Are you saying that you have bought (or have prepared a list, and will buy) a basket of companies who you judge to be likely LBO targets, if/when the corporate bond market recovers? What would you consider a "recovery" in the corporate junk market, lower yields or just simply deals getting done? - Daniel (who is learning a lot about patience with his Loewen Oct-'02 bonds, bought in June-99. Who would think that a bankruptcy could be so slow and so costly? Tell me, is it possible to go long on bankruptcy-service-providers? ;-)

To: James Clarke who wrote (11444)	11/14/2000 1:57:47 PM
From: jeffbas	Respond to of 78486

Jim, I agree that I probably overspoke on retailers. The point I was trying to make was that tertiary retailers that have gotten discussion here are probably not value plays but pure crapshoots - if you believe like I do that the Christmas season and thereafter will be very iffy. I have no objection to investment in retailers whose survival is not an issue. By the way, anyone have any idea how much of operating costs of a retailer are heating costs?

To: James Clarke who wrote (11444)	12/15/2000 12:56:56 AM
From: Bob Rudd	Read Replies (2) \| Respond to of 78486

Back into ANF on the dip below 18. Apparel retailing is pretty crummy, but ANF appears to have fixed problems with womens wear and the Hollister concept, while not a biggie yet, appears to be working. Wouldn't be surprised, given the plethora of ugly news in this sector to see more buying opportunities. I'm a bit puzzled, though, as to why AEOS, basically an ANF wannabe, is selling at over 50% higher multiple. I'm considering a paired trade. Comments?