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

To: Spekulatius who wrote (18156)	12/10/2003 10:01:26 PM
From: Spekulatius	Read Replies (1) \| Respond to of 78753

Portfolio update - CAJ, BPT - taking advantage of the drop below 24$ and covered BPT short, I plan a reentry later - bought exploratory position in CAJ, Canon not really cheap at a PE of 16 for 2003. Earnings are of high quality however, since the FCF was almost equal to net earnings. Earnings have been growing fast during the last few years due to successful restructuring. Canon is the premium consumer electronics company with No 1 or 2 market shares in its business. Balance sheet is sterling with AA- credit rating. A lot of information about Canons track record can be found on its website: canon.com

To: Spekulatius who wrote (18156)	12/16/2003 10:06:32 AM
From: Spekulatius	Read Replies (1) \| Respond to of 78753

Portfolio update - TMA shorted TMA yesterday at 27$. TMA is a mortgage REIT. the company initiates and invests in Mortgages. Why short - - Mortgage business slowing down - Margin erosion (see WM) - credit rating downgrade will increase borrowing cost - 15:1 leverage is very risky - chart looks toppy + dividend TMA in my opinion is mostly a highly leveraged mortgage bond fund trading at a premium of 70% to book value. If the spread disappears or interest rates move in the wrong direction or defaults in the portfolio increase the shareholder capital could be destroyed quickly.