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

To: Paul Senior who wrote (13346)	11/21/2001 12:05:39 AM
From: James Clarke	Read Replies (1) \| Respond to of 78627

Still around. Nice hold on GPC - I didn't have the patience to hang on and took a quickie gain at 27 or so. Low 30s looks like its probably full value, and now is the time to be selling safe stuff that the crowd has discovered and look around at what they're dumping that might be safer than it looks. Back in Saucony at roughly the same level we were buying at in 1998. I think I got $4.55. In 1998 I paid 4 1/4, but then net-net was $7 plus $1 of real estate and now its $9 plus $1 of real estate. Never thought that one would come back, but somehow with patience they all do. At least the really crappy ones do. I gave a speech last week and talked a lot about risk and what that means to a value investor. It was really fun (in a sick vindictive way) to tell this audience of performance chasers that two years ago "risk" meant not owning the next Lucent...and today risk means owning the next Lucent. Hope everybody has a happy holiday.