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

To: Paul Senior who wrote (28139)	9/19/2007 12:37:49 PM
From: Jurgis Bekepuris	Respond to of 78744

Went to Singapore and Cambodia for 2 weeks. Missed some of the action US side. :/ :) Singapore looks really cool to invest into, but it has run quite a lot already, similarly to China market. I think it mostly tracks China (EWS is the index tracking CFT). Cambodia has potential, but it does not have stock market yet (http://www.businessweek.com/ap/financialnews/D8RFU08G1.htm), the infrastructure is rather weak and corruption still high. The country is definitely going up, but they need some diversification from agriculture, timber and low-wage textiles. Something to follow perhaps.

To: Paul Senior who wrote (28139)	10/19/2007 12:02:47 AM
From: Bart Hoenes	Read Replies (1) \| Respond to of 78744

SHOO Thought this might be of interest - no link for it because it came in S&A Digest email (from Stansberry & Assoc). I don't have a position in SHOO, but I'm looking it over and may decide to take a position. ____________ In a recent 13D filing with the SEC, the Clinton Group, a $1 billion money manager, suggested ways the Steve Madden Shoe company might optimize its cash. Whether Steve Madden will follow the advice, we can't say. But we liked the letter because it shows why buying cash-laden stocks is often a great bet: "The Company has substantial, unrestricted cash balance, which we estimate will grow to be at least $90 million by year end, representing approximately 22% of the current market capitalization. Clearly, this is an inefficient capital structure given the Company's free cash flow generation, ongoing strong earnings, and limited capital expenditure requirements. We believe that $72 million of this cash, combined with a modest senior debt financing of $110 million, could be used to purchase 40% of the outstanding shares of the Company, resulting in pro forma leverage of 1.5x net debt to 2007E EBITDA. The Company could execute such a buyback at a range above $21.00 per share or a 13.5% premium to current market prices. The extraordinary accretion from this transaction produces implied stock prices well north of current levels and a premium to our proposed tender price of greater than 20%."

To: Paul Senior who wrote (28139)	12/31/2007 12:25:46 PM
From: Paul Senior	Respond to of 78744

Upping my position a little in Gray Television (GTN) Negatives: Add revenue down. Are the desirable demographics watching local tv anymore? Positives: GTN are in college towns, have good market share. The election is coming. I can't find a recent article -darn- where some apparent buyout firm is paying about 1.25M for each of 16 middle-market tv stations. (If I remember and calculated right). That may indicate GTN is undervalued with 36 tv stations and a market cap + debt = $1.32B. (With a bunch of assumptions)