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

To: Paul Senior who wrote (14256)	4/4/2002 6:49:06 PM
From: Wyätt Gwyön	Read Replies (1) \| Respond to of 78683

anybody here have Ennis Business Forms (EBF)? it has been mentioned in Barron's and Grant's over the years. i have owned it for a while. stock has had an impressive run since september, back to the highs of the early 90s. on a long term chart the latest run looks rather asymptotal, but the div yield is still near 5%. not sure what has caused the recent buying interest; i prefer this stock with a yield over 7%. finance.yahoo.com

To: Paul Senior who wrote (14256)	4/4/2002 7:01:17 PM
From: Brendan W	Read Replies (1) \| Respond to of 78683

Recent activity. Hi, Paul... I'm mostly selling and putting the proceeds into high-quality REITs. I'm continue to sell Owens Illinois. I have now exited Pacificare at a small profit. I'm grateful to get out at a profit given that the Texas AG conflict seems to have gotten significantly worse than when I bought. I will look carefully at your California Water. Senior Debt is AA3. It seems like a very safe business. With a 4.7% dividend yield. I have taken a 2.5% position in UST and hoping to take it to 5.0% once the Conwood appeal is resolved. I followed Wally Weitz into Citizens Communications at $10.31. I put more into Washington Mutual at $33 on 3/28. I have bumped up my position to 1% in the largest global cement manufacturer, Lafarge. I have bought some other "value" names but in insignificant amounts and at prices that aren't very attractive (Wrigleys at $54, Valassis Communications at $38, WD-40 at $28). Stocks mentioned: finance.yahoo.com

To: Paul Senior who wrote (14256)	4/4/2002 8:16:55 PM
From: geoffrey Wren	Read Replies (1) \| Respond to of 78683

Paul, can I ask you 2 questions? I rarely post on this board, but follow it, because it is an interesting insightful board. As much as I look into value, I tend to favor growth. However, I have taken a somewhat large position in a closed end mutual fund (TY) trading at about 11% discount, and with an expense ratio of .6%. Seems like better bang for the buck than an index fund. And I really do mean to buy and hold this fund. Anyway, my questions from following this board. You seem to have a pretty consistent approach to investing. 1. What is your turnover? My vague impression is that you are fairly high, but high turnover is usually more associated with technical trading. 2. Are you doing better than whatever is the most appropriate benchmark index fund? In other words, have you found a chink in the random walk theory that you can consistently exploit? I ask these questions with respect and curiosity. My own yearly turnover has been around 30%-50%, and although I have been fortunate enough to do better than the Nasdaq for the past five years or more (which only means also that I have gone down less than 65% since the peak), but feel I would have done better if I had a higher turnover (rather than keeping stocks too long after they run up). Yet, the theorists are pretty unified in saying that high turnover is the mark of a misdirected investing strategy. I'm curious to have your thoughts on this subject. GTW

To: Paul Senior who wrote (14256)	4/5/2002 1:49:27 AM
From: Spekulatius	Respond to of 78683

Drug sector - i remember a while ago reading an article (WSJ?) about channel stuffing in the drug sector. Both BMY and SGP were mentioned as aggressive channel stuffer. If that is true i would be careful with SGP right now. According to the same article, the inventory level for MRK and PFE were "normal". Sorry but i don't remember the source. The article was one reason why i excited BMY at a loss (at 47$), which in hindsight looks pretty good. I do think that BMY at current prices (32$) attractive. If the price goes any lower, the company will be acquired, IMO. The main concern with BMY is research productivity which unfortunately will be and even more important asset for drug company in the future. SGP's research appears to be more productive but the channel stuffing issue scares me, so I am not starting a position yet. MRK has top notch research, IMO but a very challenging patent expiration hanging over them for the next years. After the current wave is over, Zocor which expires in Y2006 will start to loom. I am passing on MRK for this reason as well.