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

To: James Clarke who wrote (19537)	8/13/2004 10:35:15 AM
From: Grommit	Read Replies (1) \| Respond to of 78717

ANF - I also sold > half at $32-$37, and may buy some back. Not as much though. thanks for posting.

To: James Clarke who wrote (19537)	8/18/2004 4:53:01 PM
From: Paul Senior	Respond to of 78717

Trimmed past pick LANC a little. My first cut. Because I lost some patience. The company has generally good profit margins (roughly 8-9% historically, although down below that now according to Yahoo), a growing book value, historically good roe (beats Mr. Buffett's pick of PIR), and 41 consecutive years of increases in dividends. I don't know what the upcoming earnings will be like, but for now, I'm already sorry I sold even a few shares. finance.yahoo.com

To: James Clarke who wrote (19537)	1/7/2005 5:48:23 AM
From: David	Read Replies (1) \| Respond to of 78717

James: Any new thoughts on ANF? More particularly, I am curious about your thoughts on the long term prospects of ANF say over a 10 year horizon. Also, whether you have any views on management's integrity. ANF closed over $50.00 today. Now the price of the company, I believe, is approaching conservative estimates of intrinsic value. (e.g. assume 10 to 12% earnings growth over next 10 years and 5% thereafter in perpetuity discounted at 10% to 15% would indicate an intrinsic value of $55 to $60 per share). I am considering selling covered calls (leaps) to hedge against short term price fluctuations. I anticipate ANF will hit a glitch sometime along the way (say between now and January 2007) and I can buy back the calls. The price of the company seems somewhat set at near perfection and further appreciation depends mainly upon the company's growth strategy, new concept stores, Hollister and Rhuel. Valuation measures per Yahoo: VALUATION MEASURES Market Cap (intraday): 4.37B Enterprise Value (7-Jan-05)³: 3.92B Trailing P/E (ttm, intraday): 23.57 Forward P/E (fye 31-Jan-06)¹: 17.71 PEG Ratio (5 yr expected)¹: 1.11 Price/Sales (ttm): 2.18 Price/Book (mrq): 5.43 Enterprise Value/Revenue (ttm)³: 2.07 Enterprise Value/EBITDA (ttm)³: 9.64 ANF continues trading at around 10 times free cash flow (I am assuming yahoo's EV/EBITDA calculation is correct). There is now approximately $5.09 per share in cash (also per yahoo). Price to Sales Ratio concerns me as does P/B and PEG.

To: James Clarke who wrote (19537)	7/18/2005 3:07:41 PM
From: kahunabear	Respond to of 78717

Great call !

To: James Clarke who wrote (19537)	8/17/2005 2:05:01 PM
From: David	Read Replies (1) \| Respond to of 78717

Sold Blair yesterday. (BL) I purchased BL when it was first mentioned on this thread back in 1999 by James Clarke who I hope is out there somewhere to receive my sincere appreciation. That investment handily beat the market over that span of time and paid a sizable dividend -- I believe over 6% per annum based upon my purchase price at the time. I attribute this excellent return to a genuine Grahm net net. I bought additional shares when I heard that a Hedge Fund, Loeb Partners, took a large position and expressed interest in discussing with management alternatives for increasing shareholder value. The balance sheet protected downside risk and I valued the company at around $48.00 per share. Eventually the company announced a dutch tender offer of half of its outstanding shares for $42.00 per share and I debated whether to tender or sell and finally sold. I anticipated that perhaps nearly all of the outstanding shares might be tendered and wasn't sure that the residual entity met the value criteria that I prefer. I will wait for the dust to clear and see what's left over after the tender and consider buying shares again. Hopefully BL might fall off the radar screen again and the price will drop to comfortable levels again. I thank you again Jame Clarke, wherever you might be.