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

To: Spekulatius who wrote (27209)	7/9/2007 2:07:33 PM
From: Paul Senior	Read Replies (3) \| Respond to of 78465

CLI looks okay to me for a buy, Spekulatius. I'm in for a few shares now. Intend to add more if/as stock drops on no adverse news. finance.yahoo.com

To: Spekulatius who wrote (27209)	7/11/2007 2:02:53 AM
From: Spekulatius	Read Replies (2) \| Respond to of 78465

BDN, CLI, NYT - real estate I sold my position in BDN around breakeven and bought a larger position in CLI. today seemed like ma tactically good time to do so, since CLI was weak and BDN down only a little. As i mentioned before, i like both but i think that when accounting for debt /leverage CLI is a bit cheaper, after all they just recently sold stock at around 54$. I cam to the conclusion that NYT has hidden assets in real estate. They own about 800K sqft in their headquarter building. Manhatten office building have been trading around 1200-1500 S/sqft recently, so that alone could be worth 1B$ alone (cost was around 600M$). NYT also owns office buildings in Boston (700k sqft) and MA,a grand total of 3M sqft ,probably enough to start a REIT. Besides the RE I think that About.com is worth 30x operating earnings, which is in the area of 700-1000M$ The other angle is that Dow Jones apparently get's sold at a very nice premium. This should give the Sulzbacher family (who owns the majority in NYT B shares) something tom think about as well. So while I am not fond about the newspaper business I believe that based on a sum of part analysis NYT is worth far more than the current stock price of 24.25$. At this point I am not that sure about NYT, so I only bought a small starter position.