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

To: Paul Senior who wrote (13416)	12/5/2001 3:58:29 PM
From: Paul Senior	Respond to of 79000

Criminie, what a tough day to be buying (value) stocks. Sheesh. (good day to be owning 'em though!) Well, I started a position in OGLE. Just because I like the ticker symbol -g-. finance.yahoo.com Company overextended itself (imo), had to eliminate the dividend. They've taken on too much debt (which also says something about management's competence) and they have got to deal with this, their big problem, imo. Doesn't help that OGLE is in mining and transportation of minerals around the Great Lakes. Not a glam business - but it is one that's been necessary. Economy recovers, there ought to be business for OGLE. $2.50- 3.00 in a decent year which they've done before, (I'll just net out the debt costs against the earnings from the business(s) they've recently bought with that debt) and if given a rough-average low pe of about 6, suggest to me the stock ought to hit $18/sh. or so once again -- maybe within a couple of years. (trades now at $12.5/sh). Low price/sales, selling below tangible book value ($15.42 per S&P's yr 2000 number), some small but persistent insider buying. I don't expect anyone here to have any interest in this company. But for me, I've followed it in a cursory way off and on for more decades than I will admit to. I remember it not only being a cigar butt for Warren Buffett (in his Pepsi-drinking days), but also I remember when OGLE was reportedly suggested by Ben Graham. I have regrets I never had the patience or desire to hold this stock when it looked cheap (and it almost always looked cheap -g-), and so I've consequently missed several good moves in this stock over the years. Of course that was then, this is now. I'll reach out for a little bit now and see if I can hold on for its recovery from current lows. Paul Senior