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

To: Paul Senior who wrote (30675)	4/16/2008 1:32:46 PM
From: Paul Senior	Respond to of 78715

I'll start a small tracking position in Klarman's pick of oil/gas stock, [t]EXH[/t] exterran.com Doesn't appear to be any interest in EXH among the many who follow oil/gas businesses on SI. Stock is near a 12 month low. Seems strange to me when so many other suppliers/servicers to the industry are near highs. And this is no dink company: it has 11,000 employees and does several billion dollars in revenue. Company seems pretty aggressive too - making acquisitions, buying back its stock. OTOH, forward p/e seems high (to me)at 15x. The company is the result of a merger of two similar businesses, and the consequent spinning out of a limit partnership. Perhaps there are still issues with that (cultural/managerial/etc.)

To: Paul Senior who wrote (30675)	4/16/2008 2:20:34 PM
From: Bananawind	Read Replies (2) \| Respond to of 78715

A.C. Moore Arts & Crafts (ACMR) is another of Seth Klarman's recent purchases in his hedge fund. Baupost Group Ups Stake In A.C. Moore To 16.42% From 11.1% Apr 9, 2008 16:40:04 (ET)

To: Paul Senior who wrote (30675)	4/16/2008 7:06:39 PM
From: Jurgis Bekepuris	Respond to of 78715

ELOS is one of the Israeli companies who have put their cash into auction-rate securities and now no one knows what the heck they are worth. MNDO is another one of those, although more dinky and possibly less attractive. Without some assurances, I would not be guaranteed that 125M - half of ELOS book value - called "marketable securities" won't go "poof" sometime soon. Of course, the risk may also create an opportunity, especially assuming that Seth Klarman checked where the heck they put their cash. So much for investing in cash-rich companies... :(