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

To: Spekulatius who wrote (20421)5/3/2005 12:39:58 AM
From: Spekulatius  Respond to of 78534
 
RE Musa, MUSA stock is an interesting lesson regarding earning quality ands free cash flow. MUSA looks cheap on the surface unless you understand where the earnings come from and the lack of free cash flow. The stock is substantially down since i sold my starter position although I wish I had caught the ride in the low twenties before I sold. This is the lesson learned in 2002 - earnings quality is paramount to valuation.



To: Spekulatius who wrote (20421)8/5/2005 10:00:37 PM
From: Spekulatius  Respond to of 78534
 
re RT accounting:
Hedge funds have been shorting RT failing to understand the ramifications of LIFO and FIFO accounting. I posted on this matter some time ago, and thought it's pretty clear:

users2.wsj.com
" Costly inventory lesson for some short sellers"
Makes we wonder how much dumb hedge fund money is shorting stocks these days. I doesn't take a degree in accounting to find out that RT's earnings would not be hurting too much from reduced steel prices.


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