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

To: Paul Senior who wrote (30059)	2/17/2008 3:39:53 AM
From: Spekulatius	Respond to of 78659

Paul, Pargesa is one i am taking the most liking in. A 30%+ discount to NAV is nothing to sneeze at. Wendell - i never liked too much. Dale did well with them but recently they put a lot of money into a now loosing position in Saint Gobain. Message 24297619 Saint Gobain itself looks like a decent pick. A little bit stodgy but quite cheap. (PE around 8). my biggest concern is that construction in Europe will turn down (England, Ireland and Spain are already in a downturn). I am exploring some small cap/mod cap opportunities in Europe. My preference is with large caps until i see the bottom but the stock market downturn has created some opportunities that look quite attractive to me. BCS looks very cheap but it's located in Britain <g>. the climate in Britain does not look good to me, consumer debt is higher than the US, Housing is turning down, interest rates stay high etc. My favorite British bank would be LYG rather than BCS.

To: Paul Senior who wrote (30059)	2/18/2008 1:05:22 AM
From: Spekulatius	Read Replies (1) \| Respond to of 78659

regarding Pargesa, CNP a little bit research revealed that Pargesa is controlled by CNP. this company controls Pargesa (with Power company but has also direct stockholder in couple of companies and invest and runs some business. the very well written (IMO) Y2006 Annual report; npm-cnp.be uk.finance.yahoo.com The more i read about Pargesa and CNP the more i like it. FWIW TAVIX owns CNP as well.

To: Paul Senior who wrote (30059)	3/18/2008 12:36:39 AM
From: Spekulatius	Read Replies (4) \| Respond to of 78659

BP - trippled my position and bought both in my taxable and IRA account. This is my only oil stock at this point. I doubled up on MGG (MMP's General partner) as i got my desired 5% off today. i have replaced now my REIT holding (except HRP) with MLP's, WMZ, MWE and MGG. I plan to add more to MWE when the opportunity represents itself. All those MLP have been weak, especially the general Partner shares, which have lower yield but better distribution growth prospects. it also appears that one can hold quite a bit of pipeline MLP in an IRA account without getting into trouble with the 1k UBTI limit, since most pipelines produce fairly little income relative to the distributions. The only case when this is not true is if there are large hedging gains, but one can reduce the risk by purchasing positions in small chunks.