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

To: Paul Senior who wrote (25690)	1/9/2007 7:38:23 PM
From: Paul Senior	Read Replies (3) \| Respond to of 78705

Looking at Marty Whitman's Third Ave. Funds letter for period ending Oct. '06 (issued December), he says about Hong Kong real estate companies his fund/funds are acquiring: "Three...equity investments during the quarter (were) Wharf Common, Cheung Kong Common, and Wheelock Common. Each issue was acquired at what seems to be a meaningful discount from Net Asset Value ("NAV"). For example, the Wheelock Common bought during the quarter was acquired at prices ranging from $13.50 to $14 per share in Hong Kong dollars. Wheelock management estimated that NAV was $27.85 per share in Hong Kong dollars at September 30, 2006. TAVF (edit: Third Ave Funds) management believes that Wheelock management estimate of NAV is conservative." I'll step up for some shares of Wheelock (WHLKF). It's a belief thing. I'm going to believe somebody at Third Ave. Funds has done his/her homework. Maybe that person is going somewhat on their belief in a Wheelock's manager's stated belief of what NAV is. Anyway, I am hoping (betting) somebody did their homework and they are right in their conclusion that this company is undervalued (as measured by price:NAV). The stock's moved up a little bit from $14 HK (converted to WHLKF to about $1.94-1.97/sh), but still looks okay to me if (IF) the stock can get closer to the believed NAV figure. A figure which presumably keeps growing with inflation and Wheelock management's development activities. To protect myself a little, it's a small position and it's among a package. That is, I've previously mentioned that I have bought CDEVY and CHEUY also. I suspect I will be making (or trying to make) a commitment to hold these stocks several years. finance.yahoo.com