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

To: James Clarke who wrote (4458)	7/23/1998 2:44:00 PM
From: peter michaelson	Read Replies (1) \| Respond to of 78673

James: Was it not you who mentioned two stocks on this thread? 1. GSH = Guangshen Railroad, monopoly rr from Hong Kong to Canton. Now trading at a new low with recent bad news on rate reductions. Trailing PE and yield (if it means anything) are now 5x and 12%. 52 weeks high is $25. trading currently at $5 1/4. 2. Nam Tai Electronics - the company everyone loves to hate is also now at a new low, with not the greatest prospects in the world. But the cash is still somewhere around $6 per shares despite the recent acquisition. Trailing PE now 3.7x. This is not meant to be convincing to anyone, more an invitation for comments by anyone who has continued to follow these companies. Thanks, Peter

To: James Clarke who wrote (4458)	7/23/1998 7:51:00 PM
From: Proton	Read Replies (1) \| Respond to of 78673

Re: Glow-in-the-Dark Utility Thanks to you and Michael for the interchange on USEC. Did the prospectus mention the labor situation? I should think there is a strong union presence there. That may restrain management from making cost-cutting moves. I look forward to reading the prospectus. Pý

To: James Clarke who wrote (4458)	7/24/1998 9:37:00 AM
From: Reginald Middleton	Read Replies (1) \| Respond to of 78673

<The nature of this expense makes me want to set it aside and value the business without it. It looks a lot more like an investment than an expense to me.> I may be mistaken, so please excuse me if I am wrong, but weren't you the one telling me that expenses on the income statement should not and can not be accounted for as investments when I suggested this approach for many value driver line items in growth companies. Otherwise, interesting analysis of the assets. In noticing the list of interesting articles posted earlier, I could not help but list my own - the Case Against Earnings, located at rcmfinancial.com . I am sure at least some of you will find it interesting. In it I go into detail about the espense versus investment issue, as well as other accounting misnomers.