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

To: Paul Senior who wrote (2495)	11/16/1997 2:51:00 PM
From: Kapusta Kid	Read Replies (1) \| Respond to of 78627

Of all the money managers who participate in Barron's Year End Roundtable, IMO, the individual who brings the most to the table is Michael Price. "The scariest SOB on Wall Street" is known as a value investor and someone who takes advantage of special situations. I just read a short interview with Price. What does he like? DJ - while he's mum on his plans for DJ's board, he does believe there is $70-80 in assets there. GM - ditto. He believes there's real value in the "H" shares. UMG - that's US West Media Group - says he loves it. COL - claims to have his eye on this one, although he does not own any now (considers it too pricey). Price also said that George Soros took a big haircut in WMX because he bought too high. Seemed to enjoy the fact that Soros took a beating more so than having a real opinion on WMX.

To: Paul Senior who wrote (2495)	11/16/1997 4:18:00 PM
From: jeffbas	Read Replies (1) \| Respond to of 78627

Paul - I gave up on direct biotech investments a long time ago. No way that could be within my circle of competence. However, there are other ways to skin that cat. For example, you could buy a supplier of instruments to the industry (like Thermo Bioanalysis - which I own, but not a "value" stock), or a company doing unique things with existing drugs (like Sepracor), or unique screening technologies (like Affymetrix), without having to have the "impossible-to-have" knowledge about the merits of various drugs of various companies in various stages of the FDA approval process. An interesting anecdote, a la Peter Lynch, about buying companies in your own backyard where you have personal experience. I used to work for an insurance company which provided health benefits to Amgen from its inception. I had access to information on how the employee count was growing by leaps and bounds but unfortunately never drew an investment conclusion. So, you do not always need to know the drugs to invest in this industry.