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

To: Paul Senior who wrote (13183)	10/9/2001 2:34:19 AM
From: Madharry	Respond to of 78520

CR COB filed to sell 900,000 shares in past few months- seems like a lot

To: Paul Senior who wrote (13183)	10/10/2001 10:39:55 AM
From: Brendan W	Read Replies (2) \| Respond to of 78520

Recent transactions. Started a position in Paul's Quiksilver (ZQK) at $12.87. This is a retailer of clothing, wetsuits, sunglasses, etc. related to the skateboarding, snowboarding and surfing sports. Revenues and earnings have compounded in the mid 20s over the last five years. Debt is modest. The PE is in the 10-13 area depending on what eps numbers you want to put faith in. Started a position at $25.06 in GATX (GMT). It is "...a holding company whose subsidiaries engage in the leasing and management of railroad tank cars and other specialized railcars; arrange and service the financing of equipment and other capital assets; and provide logistics and supply chain services." It is selling around its 1998 lows. Berkshire Hathaway owns 15% and I think it's Buffett's pick. Earnings are supposed to be in the $2 to $3 range this year and next. Moody's rates their senior debt baa2. Sold BEA Systems (BEAS) for a tiny profit. This bounced 55% from its lows on no news. I think there's still too much froth in the techs (I say in disbelief) and I'm looking for a lower entry point. Added to American Management at $11.25.

To: Paul Senior who wrote (13183)	10/14/2001 12:46:43 PM
From: TimbaBear	Respond to of 78520

Hello Paul! I apologize for not getting back to you sooner. It has been a very hectic several weeks for me, both professionally and personally. Not nearly enough hours in the days in which to accomplish all that needs to be done. Regarding EMR and CR. I have not studied these companies in detail. A quick look at the cash flow indicates to me that EMR is still a bit rich for my tastes. CR is right on the edge of what is minimally acceptable. Admittedly, this analysis is based on the YTD cash flow numbers from their most recent 10Q filings and therefore represent only 9 months for EMR and 6 months for CR. This could be an extremely unfair way for me to evaluate them as the periods involved are so short. However, as unfair as it may be, I am constrained by time pressures that allow me to only pursue the more detailed investigation of those opportunities which are even apparent in the short term. I have about another month of this extreme time pressure confluence of events and then I can devote more time to deeper review of a broader list of potential values. Again. I apologize for the delay in response to you. Timba