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

To: Paul Senior who wrote (3756)	4/3/1998 2:07:00 PM
From: Kent J. Davis	Respond to of 78530

Paul, Below book, I welcome losses and even anticipate them. I consider write downs and restructuring below book a sign that mgt knows what to do. UNMG seems to fit this, with the last set of charges probably completing the liquidation process. Of the two stocks you listed WDC and APM are a concern. Losses here could mean a big drop in price ( especially for wdc, since it is trading at 8 times book). APM is struggling the stay above book but revenue declines and fixed debt charges are a big concern. Actually mgt should sell some equity to deleverage but there may not be time. APM may enter the liquidation phase. APM mgt has got to be nervous. ATXA bounced off book in July, I think that good news is on the way and earnings will be booked shortly. DRKN is also a good value: but, you will see some more losses. Financial position is good as there is little debt. Good time to be accumulating ; but don't be surprise if it is available at lower prices for a while. Thanks again for Umng. I am putting DRKN on my watch list along with DSSI which was also mentioned on this thread. I hope these opinions help. Kent