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

To: James Clarke who wrote (17444)	7/24/2003 1:11:43 AM
From: Paul Senior	Respond to of 78523

SCNYB. Can't find my original purchase records. Good thing my few shares were bought in an IRA (so I don't need to prove cost basis). My file shows I added to an exploratory position at $8 when it was recommended in 7/'00 issue of Worth Mag. by W. Nasgovitz (Heartland Value). I sold a majority of my shares 2/'03 and 4/'03 at $10+ level. The remainder I'm still holding. If my memory is right...OMX was originally discussed here about '97-'98 in conjunction with Staples and Office Depot. (OMX was rated a distinct 3rd if I recall.) A year or maybe two ago, President of OMX was interviewed in Barron's wherein he said he believed his company was worth $10/sh, and he coyly suggested he might entertain buyout offers there. (Stock was about $3+ then, so his credibility with me was about nil.) Beginning of this year, stock had come down a little from about $6, and it seemed like a good time to start an exploratory, token position. Didn't buy much, and never got around to studying it in real detail again (as in '97-'98). I don't know what I'll do as regards the buyout offer. I probably ought to cash out because my OMX shares are too few to piddle with even for me(!) OTOH, BCC itself doesn't look too bad (p/sales, p/book). In another life I worked for a company that used Boise for their office supplies, and Boise, imo, was very good (response/service/cost). Right now, I'm leaning on taking the BCC stock and considering that as an exploratory position for BCC. finance.yahoo.com

To: James Clarke who wrote (17444)	7/24/2003 7:51:22 AM
From: Rock	Respond to of 78523

Actually, this Saucony recommendation was in Nov 2001 (post #13350). You nailed the bottom on that one.

To: James Clarke who wrote (17444)	7/24/2003 2:36:03 PM
From: Bob Rudd	Read Replies (1) \| Respond to of 78523

BCC/OMX: I shorted BCC [very small position] on the news cause I it looked like a vertical integration, they paid a fat price considering debt and $2.7B OMX OBS OpLeases, and BCC's track record on acquisitions appears poor(http://www.washingtonpost.com/wp-dyn/articles/A62169-2003Jul15.html). Vertical acquisitions involving suppliers buying retailers are nearly always disasters [Shaw Carpet's purchase of several carpet retailers, resulting loss of HD biz, and sale of retailers at big loss not long after is one of many examples]. OTOH, this may be something different...a reconfiguration of the business away from manufacturing and into distribution. There's been some indication that OMX complements their existing distribution business with OMX being lacking commercial biz that ODP and Staples have...with BCC's distribution biz filling that gap. I'm still holding the short cause it's small, but I don't know the situation well enough to fight the market much longer. The market may be saying that selling the timberlands might uncover more value than the OMX deal destroys...but that's just a guess. Then again it could just be the rising tide for the recently outperforming cyclicals...may have to wait till that tide ebbs to tell who's swimming naked.