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

To: Bob Rudd who wrote (12930)	8/9/2001 1:56:40 AM
From: Paul Senior	Read Replies (1) \| Respond to of 78751

re: FLA. Right now I don't have enough info to estimate the underlying asset value on FLA. The guy who built Mutual Shares (or related fund(s)) was Max Heine. He bought St. Joe stock (owner of FLA before FLA was split out), and Michael Price kept it in the funds - occasionally adding to positions. Their net cost was down in the pennies. I'm guessing current Mutual managers still see value in FLA; the aggressive style of these fund managers suggests to me that if they didn't still see value, they'd sell out of the stock (regardless of tax consequences). Jmo, of course. I'll check Value Line for further information. I am guessing that with their diversification and assets, the stock might hold up around this price in this kind of market. But who knows? Paul (I have no position in FLA)

To: Bob Rudd who wrote (12930)	8/14/2001 9:46:08 PM
From: Paul Senior	Read Replies (2) \| Respond to of 78751

I still need to get more info. about FLA. Meanwhile, I started a position today in Interpublic (IPG). IPG was in Mr. Buffett's portfolio somewhere around '84 -'85 and maybe other years as well. (I don't have complete details.) At one point he liked advertising companies like IPG because of their ability to take money from clients in good times and in bad. Interpublic is undergoing some structural problems (imo) related to an apparent world-wide reduction of monies spent for advertising, as well as having to integrate a substantial acquisition. The Wall Street Journal today has an article that suggests the current situation - slump in overall ad. revenues and the difficulties advertising firms have - won't so quickly improve as it has in past downturns because of the new types of problems facing the industry (Multi TV channels and internet are two.) (I like that negativity!) I assume I'm a little early here, and the stock will drop to new lows - IPG business is continuing to slow apparently. I'll add more to my small position should the stock drop. At current price, I still can envision a 50% gain in this stock a couple of years out. IPG, "world's largest advertising group": biz.yahoo.com jmo, and I've been wrong many, many times Paul S.