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

To: Bob Rudd who wrote (16261)	1/23/2003 12:21:02 PM
From: Paul Senior	Respond to of 78670

Re URS: I sold some and added back some as stock has come down. Delayed municipal projects can remain delayed for a long time. Also, URS's environmental unit (they recently made a big acquisition in this area)and some of their industrial plant construction business will suffer as environmental/pollution regulations are made less stringent by current congress and administration. Sometimes these construction companies enter into large fixed-price contracts that years later bite them severely. And percentage-of-completion accounting I find dangerous too. Two factors that investors need to be aware of, imo. OTOH, URS has a good history, is well-diversified and a possible beneficiary of homeland security spending. URS is at a multiyear low. I haven't decided if I want to add more to my small position now though. Fwiw, I am also considering FSS again. Another company that has seen its business deferred by government (municipal) budgetary problems.