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

To: Paul Senior who wrote (3418)	3/3/1998 11:27:00 AM
From: Ron Bower	Read Replies (1) \| Respond to of 78534

Paul, The recent posts on 'buy and hold' make me reflect on our differences and the reason we often post in disagreement. I have been reading every post you've made on SI for over a year because I highly respect your opinions. You are one of seven that I bookmark. I also track many of the companies you have bought even if I didn't chose to buy them myself. With some exceptions, the list is very impressive. I follow you because I agree with your 'value appraisal' of the various companies. You have an ability to find the weakness and the reasons not to buy rather than looking for the reasons to buy. I feel this to be a mistake many investors make: letting emotion override good analysis of a company. We differ in two areas: You are holding some stocks I would have sold. I prefer intensive research into a concentrated portfolio. We both 'value invest', just have a difference in strategy. I likely should lean more to your thinking, perhaps you to mine. BTW - You have criticized my posts with much sarcasm. I encourage you to continue in that manner (as long as you intersperse it with some -g-). It is your wisdom I seek and I would hate to see it inhibited. Besides, your humor more than offsets the rancor. (Met your match with porc didn't you? I loved it.) Thanks & LOL (both meanings), Ron

To: Paul Senior who wrote (3418)	3/3/1998 12:59:00 PM
From: Scott Mc	Respond to of 78534

Paul, the only thing I would add about Fisher (who I think is great) was that he religiously believed in knowing management something which is very difficult for the small investor to do, I find the only way to get around this is by diversity since some of my highly regarded investments have crashed and burned because I didn't (and really couldn't)know management as well as I should have. Scott

To: Paul Senior who wrote (3418)	3/10/1998 12:03:00 AM
From: Paul Senior	Respond to of 78534

Re: SUNW and UNMG. FWIW, added to my position in SUNW (Sun Microsystems) today. Started initial position in Unimark -- UNMG. Here's the story as I see it: Company "makes" citrus, other juices. Essentially a new management team has come in - bought out the former guy (who was Pres. CEO, and Chairman)@$5.00 sh for his 6% stake. BV is about $5.4/sh., per Yahoo. If this is correct (and I've seen many Yahoo cases where it hasn't been -g-), then either the new guys got a good deal or the former top guy knew very well what he was doing when he sold control for less than BV. During the time of all these negotiations they apparently also brought in an investment firm to help maximize shareholder value. And the investment firm is continuing to work with the new controlling management team. Notwithstanding the perks the new managers (at least some of whom worked at UNMG before their purchase) get with their ability to control the company-- I'd like to believe they would want to see maybe at least a one point gain in the price of the stock from where they bought. $5 going to $6 dollars say in maybe a couple of years. Seems like it might be doable. PSR looks okay, growing sales, not much earnings though. Numbers seem okay in comparison to competitor Odwalla (although I don't have access to the big boys'= Minutemaid, Tropicana numbers or strategy). I bought UNMG at $4 today -- so my bet is a 50% gain ($6) within those two years. Seems like a reasonable expectation to me. 'Course I have reasonable expectations every time I go into a bar and yet nothing ever happens -g-. Paul Senior