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

To: James Clarke who wrote (11971)	2/3/2001 12:02:02 PM
From: Paul Senior	Read Replies (3) \| Respond to of 78476

I've started to trim positions in hotel REITS FCH and LHO. Back last night from vacation in London. Fortunate to be able to fly there first class. Heck of a nice way to travel! Found a very decent Euro. hotel through the internet @ 50 pounds per night for two people which included full English buffet breakfast each day. (That means a substantial eggs/bacon/sausage/potato/croissant/pastry/cereal/cheese/salami/fruit etc. calorie fortifier to ward off the English cold weather. ) As many know, hotels in London are very expensive. (Yes, "expensive" is relative- but for middle class type tourists paying their own way to get middle class type amenities (US expectations of shower & toilet in room, TV, phone, clean, quiet, location near desirable areas) that price - about $75/night American, including taxes scared me. Too low. That- coupled with a couple Sunday's ago NY Times article about how businesses have cut back travel thus enabling more vacationers to find travel bargains to major US cities- spurred me to place an order (that was filled) to trim my relatively large positions in FCH and LHO. Anybody else considering similar -- hotel REITs are showing good FFO and still pay good dividends -- just wondering if anyone else here is considering that stock prices of these businesses might be topping? Paul S.

To: James Clarke who wrote (11971)	2/3/2001 6:47:50 PM
From: Paul Senior	Read Replies (1) \| Respond to of 78476

Jim Clarke, re. M. Whitman article. I see he likes RDN. That stock might work out okay long term. Do you (or anyone else here) have an opinion on it? RDN is buying EFS, also a Whitman recommendation. As you know, EFS is a bond insurer, a small and poorer competitor to MBIA and Ambac which have been mentioned here several times. (Aside: oops. Sorry that I sold most of my MBIA (MBI) last few weeks-- figured wrongly, it seems, that MBIA would be dropping for quite a while due to bond exposure to California energy companies.)

To: James Clarke who wrote (11971)	4/10/2001 5:45:00 PM
From: Paul Senior	Read Replies (2) \| Respond to of 78476

Jim Clarke: It was very helpful discussing MBI vs. ABK past couple of years. I've closed out the last of my MBI now. Looks like ABK was, as you've offered several times, the better investment: finance.yahoo.com So many cross currents here. In looking back, it NOW seems obvious that MBI and ABK were prime candidates for value investors. But at the time, and with MBI dropping to about 1/2 where it is now, I wasn't at all so sure as I made adds to my position. And given that my general preference is to diversify around a position rather than add to it, I'm surprised and disappointed that I did not buy ABK also when its price was much lower. Oh well. I'll just continue the hunt for other insurance companies that now seem undervalued. Paul Senior