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

To: Spekulatius who wrote (21176)	5/6/2005 12:55:48 AM
From: Spekulatius	Read Replies (3) \| Respond to of 78778

Added some PDGE.OB. Microcap play discussed quite a bit in the Microcap kitchen: siliconinvestor.com Asbestos and Mold remediation. Earnings around 0.2$, shares trade around 1.3$.

To: Spekulatius who wrote (21176)	7/12/2005 12:24:17 AM
From: Spekulatius	Read Replies (1) \| Respond to of 78778

Buys 7 Sells: Sold HUM, bought starter positions in SNP and WSH. HUM has exceeded all my expectations since I bought last year at around 16$ - I decided to sell at 42$ after the holder reached LT gains status. i feel the stock is overvalued right now but with all the merger frenzy it could be taken out at a premium - who nows? SNP - cheapest oil stock i could find: finance.yahoo.com sec.gov Cheap based on P/E, P/B,P/S metrics. With good but not great earnings, this company has lagged behind other chinese oil companies like CEO and PTR. The reason: SNP is more of staid company and is stronger in the refining and petrochemical business which has been lagging in margins due to governement imposed price controls. SNP currently only lifts enough oil to meet 20% of it's refining capacity and Upstream oil is less tham 50% of earnings. Still with 3.7 Billion BOE and 45B$ market cap a barrel is valued at 12$, which is not unlike the valuation for US E&P's but those don't have any refining and petrochemical assets!. I also think that the downstream and chemistry assets will stabilize earnings in case oil prices will fall. By any metric SNP looks like a good buy if you don't mind owning stock in a company controlled by a communist governement (but this applies to CEO and PTR as well), WHS is an insurance broker - i found it looking though Thornburgs stock holdings (a good read!) Main investment thesis: WSH has a great opportunity to gain market share from MMC, which was deeply entangled into the insurance scandal. Valuation is reasonable with a PE of 12 for a company that may grow earnings 15% a year (at least that is managements objective) in an attractive business. thornburginvestments.com