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

To: Paul Senior who wrote (16618)	3/14/2003 2:17:28 PM
From: Bob Rudd	Read Replies (1) \| Respond to of 78625

Paul: The other day I considered playing 'chicken' with TSN and built a list - Added CAG: Meat/Chicken quote.yahoo.com I see these as experiencing cyclical lows in the protein complex exacerbated by Russian boycott of chickens and concerns in Europe and Japan over Mad Cow. It's difficult to gauge the duration of these latter factors. For the time being, I'm a watcher, but I put an alert on CAG @18 in case of continued weakness.

To: Paul Senior who wrote (16618)	3/28/2003 7:28:34 PM
From: Bob Rudd	Read Replies (1) \| Respond to of 78625

Started CAG today @19.12. EV/FCF 9.9, dividend & Brands are attractive. The AHO 'collusion' article in WSJ was denied by CAG, but may produce further negative newsflow - my guess is that the nobody in this industry will qualify for sainthood and there may be some revelations that result in handslaps to cooperative suppliers, but nothing earthshaking...nothing like AHO will emerge. SPE's mentioned in filings: IR indicated SPE exposure, if they were to bring them back on balance sheet would be roughly 200mm, so no biggie. I ran EV/FCF including adjusted OpLease [*.67] and SPE's...those adjustments kicked the EV/FCF to 10.3.