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

To: Bob Rudd who wrote (14484)	5/16/2002 1:47:15 PM
From: Wallace Rivers	Read Replies (2) \| Respond to of 78534

How did you get in to the call? I couldn't. At first, I thought the reason for the drop was mistaken identity with AC. then, it comes out that the reason for the drop is some "good guy" hedge fund manager feeling that ALD was a good short, and that he would give 50% of his profits in certain positions to charity!! Seems kind of strange, the whole thing (I don't mean ALD or its management, but the whole trading sequence).

To: Bob Rudd who wrote (14484)	5/16/2002 3:34:24 PM
From: Grommit	Read Replies (1) \| Respond to of 78534

ALD - I also added, at a pleasant $21.80. Then I bought more at 23.09 after I started listening to the CC. I listened to most of the CC. I was booted at the start but got back in after a few minutes so I missed the opening comments and heard Q&A. I was VERY impressed with the CEO - W. Walton. In trying to access the replay on their home page, I found the annual meeting and listened to the opening remarks. They are worth listening to also. I actually quite like the shareholder letter in the annual report. It talks of dot com mania and how Walton was giving a speech in 2000 where he pooh-poohed lending to dot coms. The annual letter also refers to Graham & Dodds 1934 book as the guide to ALDs "core principles". tee hee. :o) Their objective is to grow the dividend at a 10% annual rate. That's my kind of company. grommit

To: Bob Rudd who wrote (14484)	5/18/2002 3:03:36 PM
From: cfimx	Read Replies (2) \| Respond to of 78534

ald: expect the dividend to get a haircut. Stocks don't yield 10% in a 2% divi environment. they usually will yield LESS than that in the near future, and not because the price of the security goes up. FWIW, I would be extremely careful of ANY financial company today. Banks, insurance, morgatge, ANY. Unless you know they're run by UNASSAILABLE people, such as Buffett or Bryne. Why? Because the earnings in a financial company are usually whatever management hopes, wishes, and wants them to be. Much of the earnings are based on estimates, reserves, and time value of money calculations. Pay close attention to Buffett and Mungers comments at this years meetings. ALso, see Jim Rogers piece in Worth on the next "bubble."