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

To: Sam Citron who wrote (19465)	7/21/2004 7:15:22 PM
From: Jurgis Bekepuris	Respond to of 78750

Sam, I did not try to imply that LR or CX has bad or dishonest management. I just said that these companies have so many partially owned subsidiaries that understanding the full picture of parent company financials is very difficult for me. It is compounded by foreign listing, where the results of subsidiaries are first converted to parent's currency and accounting standards and then has to be converted again to US currency and accounting standards + adjustments for ADR ratios, different shares outstanding, etc. As Buffett says, it is outside my sphere of competence. I bought CX without realizing this, but I would not buy more of it unless it was vastly vastly undervalued because of this reason. I am afraid it is the same issue with LR. Jurgis