Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Paul Senior who wrote (2929)	1/4/1998 2:47:00 PM
From: Ron Bower	Respond to of 78666

Paul, Based in Florida with newly opened offices in NY, JWC has a small, but stable and primarily wealthy client list. While they derive revs from trading, it is not the basis for their profits. They are highly respected as money managers, investment counselors, and market makers. Their growth has come because they make money for their clients. While they have made good growth in revs, very good growth in earnings, the big thing is their per share growth for stockholders. They bought back a major portion of shares at a price under $3.00 on a low interest note payable, paid it off from profits, then issued a stock dividend to remaining shareholders. Most recently, they acquired AGRO in a stock swap that effectively sold JWC stock for $8.85 (market price was 7.50 where I bought it)and added almost $5M cash to their liquidity just before the market takes a dive. The monies were being invested (they hold a lot of securities) this past quarter and the results of these investments will be shown in '98. This is typical dealings for them. Get this - most companies pay for a credit line. 1-2% even though they don't actually use the monies. JWC has a credit line but the bank holds some warrants on the company in lieu of interest and JWC handles all of the banks market activity (bonds, T-bills, etc.). The bank wants JWC to succeed because of the warrants, JWC gets substantial profits from clearing the banks business. JWC is affiliated with Bear Sterns. JWC doesn't have access to all markets so they clear thru BS, BS uses JWC as a market maker for IPO's, secondaries, etc. Just some of the things in my notes on them. For what it's worth, Ron

To: Paul Senior who wrote (2929)	1/4/1998 6:54:00 PM
From: Scott Mc	Respond to of 78666

Paul, I already own some Noranda, reason for difference in price is it trades very infrequently on VSE(Aug) and low volume on MSE. chart.canada-stockwatch.com Also if you are thinking of persuing look at Edper (Non VO Bronfmans)which holds approx (.8 x .66) 1/2 a share of Noranda and is trying to simplify things... I recommend(and hold) then both, good Blue Chip high dividend asset plays (Edper also holds real estate and banking) fin-info.com EBC.A

To: Paul Senior who wrote (2929)	1/4/1998 10:37:00 PM
From: Scott Mc	Respond to of 78666

Paul, just realized I didn't answer your full question. The article in the sat globeDec27 indicated the spin off should be worth approx 12$ and what is left should be valued at approx $24. Couldn't find a link however was by Dunnery Best who has a good nose for value. Details on the breakup newswire.ca Re Beazer, that's what makes a horse race, Im sitting with the convertible approx 4% of my postfolio(I hold approx 40 positions so I like it). Anyway i think its cheap based on Book(I think their book value is understated(trade under book), cheap based on sales, good track record(except 1 bad quarter)and proven management. I think its good for a double over the next 12-18 months.. Scott