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

To: Paul Senior who wrote (12155)	3/10/2001 1:34:51 PM
From: Paul Senior	Read Replies (2) \| Respond to of 78476

Saturday ramble: I'm still interested in "entertainment" businesses, but my results are mixed. In electronic gaming, I've sold almost all my THQI; I still have most of my Midway (MWY) which has been a loser for me since last April. (I took some profits when the stock, now 7+, was in the twenties.) I sold my loser AKLM for tax losses at the end of 2000. I continue to hold RCOT (gaming accessories among other businesses), which moved up since it was mentioned it here. In the movie business, I still have MGM which is up a bit since I posted on it here in December. Sorry I didn't get MOVI. Nice double, rjm!! As posted previously, I'm swimming underwater with Boyd (BYD) in the casino business, but adding to my position. I was surprised by the nice run up IGT started last April. Sorry I wasn't in there for it. And I sold profitably, but too soon, my position in SLOT. It was a stock mentioned here favorably by several people (two anyway) several times. Very irritating for me to sell out at 40 or so, keep the stock on my watch list, and see it inexorably march up - without me! - all the way to the $100 range (now $50 post split). I still have Huffy (HUF). I took some profits when the stock was higher, but now, at $7, I'm underwater for most of my position. Although the scooter craze has ceased (imo), HUF's in much better shape financially now also, and it has a number of new products as well as their bicycle lines that might support the stock at these levels. I am holding on. I still have a position in TOY. (I've held various amounts of Toys-R-Us since '95, and I've posted on it several times.) Right now, the stock's a 'hold' I'd say -- too expensive to add to positions, but it's also not the time I'd want to sell. In auto racing, I still have TRK, which is up from my purchase price. MPH, with no ltd, selling at $16 with $7+, in cash & marketable securities, is close to a buy, imo. I have MAT and HAS on my watch list. I did not at all expect MAT to recover, certainly not so quickly, so I missed Mattel's very nice rise from September as the stock has moved to 18 from 10 (roughly). (Likely a nice winner for some here and on Buffetology thread) Hasbro has had a decent move recently too, imo. I wouldn't go for it before; I keep reviewing it, and I can't go for it now either. The stock IS a buy imo, if one believes that it will return to p/e, p/sales, p/book multiples it's had in the past. I believe the stock's very expensive though on an absolute basis, plus they've taken on a lot more debt. I just haven't been able to step up for this one. My error and my problem, I guess. I maintain a very small position in Kodak (EK). (Sometimes inherited stock is very difficult to part with.) I added a smidge when the stock touched new lows. My congratulations to people here who've held CCL. I sold my position too soon in the low twenties, after buying it near lows. However, Carnival may be coming down into the twenties again, and if so, I will begin to lag in at that level. Other: I still have, and expect to hold on to, newspaper stocks (Are they entertainment?)and cable content provider Scripp's (SSP). (Thanks, Twister!) My selection of DISH (Echostar) has been very bad indeed. Not a value stock and apparently not a growth stock either. It's a goof stock. -g-. I also still have positions in a couple of stocks of radio stations which I mentioned last year. Yesterday I started a small position in WWF. Company founders are strange people (to me) who are adept at capitalizing and exploiting the wrestling franchise they've established. Stock's at a low, problems with XFL perhaps. Cash flow from wrestling business with its product licensing opportunities ought to be good enough to eventually help the stock to recover. jmo, and as everyone can see, I've been wrong many, many times. Paul Senior

To: Paul Senior who wrote (12155)	12/11/2001 3:51:28 PM
From: Paul Senior	Read Replies (1) \| Respond to of 78476

Gambling stocks: I'm starting to take some profits in BYD today, and I'm buying PPE today. PPE is down today imo because the respected CFO has announced he's leaving. PPE is the largest casino operator. Geographically diversified and with a very strong presence in the upscale Las Vegas market. P/e is high, but cash flows seem good to me. Looking back, casino stocks weren't the real play. It was the slot makers and game developers - and their stock performance has been very excellent for those who bought and held or bought on dips. Too bad I wasn't in on the action. However, going forward, I don't know if further excellent stock price performance is warranted for this subsector. Although PPE has problems, as do all casinos, it seems that Las Vegas has a way of re-inventing itself and growing and prospering. I'll bet that LV will recover, and that there's some revision to mean with PPE stock given that its LV properties are a destination for the many LV tourists and gamblers, and that PPE is strongly diversifying into other cities/areas as well. finance.yahoo.com