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

To: Spekulatius who wrote (45436)	11/18/2011 7:12:54 PM
From: Spekulatius	Read Replies (2) \| Respond to of 78667

Small adds today to XLS (9.82$) and a starter in JPM (30.56$). I also bought back a partial position in MGDDY (Michelin). I will add more if it falls below 11.5$. Still 55%+ in cash at this point.

To: Spekulatius who wrote (45436)	2/23/2012 1:25:14 PM
From: Spekulatius	Read Replies (1) \| Respond to of 78667

Added more FLU.VI @ 28.17 Euro today. Weak results due to terminal build costs. my guess is that this year should be trough since a lot of terminal cost is incurred without offsetting revenues. New management was put into place partly based on political consideration ( Austria regional government holds a big share and calls the shots) but i think they are doing the right thing, attacking costs and reducing capex. this years dividend will be cut sharply but i think we should be looking up next year when the terminal is in place and generating revenue. FLU.VI trades well below tangible book and once revenues from the new terminal kick in at a huge discount to other airport operators.. Their forecast of 0% passenger growth in 2012 seems very conservative - they still showed 9% increase for Jan 2012. viennaairport.com