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

To: Paul Senior who wrote (13086)	9/21/2001 10:51:13 PM
From: Keith J	Read Replies (1) \| Respond to of 78523

Think oil tanker and regional airlines are becoming quite a value at these levels, even though they are in somewhat more unstable industries currently. Bought FRO (tanker) today and may buy SKYW (regional airline) Monday. Also worth looking at are OMM, TK, and ACAI. Anyone else have any thoughts on these sectors? KJ

To: Paul Senior who wrote (13086)	9/23/2001 12:02:01 PM
From: Bob Rudd	Read Replies (3) \| Respond to of 78523

Marty Whitman interviewed by Gretchen Morganstern nytimes.com Excerpt: <<His macro view is simple and dark. "I don't think we ought to be worried about the recession," he said. A far greater concern is what he calls permanent impairment, an accounting term that refers to an asset that has been so damaged that it will never return to its previous value. He argues that some industries have been permanently impaired by the events of Sept. 11.>> Differentiating between indiscriminate overselling and permanent impairment will be central to my evaluations in the coming period. The following working assumptions play into this: • There will be more terrorist attacks on the US & US related interests. Only question is when and what impacts. • There may be significant infrastructure impacts from this [Attack on power or telecom facilities] • Risk premiums will come to reflect this. • Behavior of customers and businesses will change in ways we can only guess at [uncertainty - risk premium impacts] • The Cost of fighting this war thru greater security [profit impacts - numerator] and government spending [Rate impacts - denominator] will affect valuation of all equities. That said, I went to an Olive Garden on Fri...there was a line outside the door: Full restaurants are an indication of optimism. Looking for more anecdotal indications...