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Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era -- Ignore unavailable to you. Want to Upgrade?

To: Axel Gunderson who wrote (558)	7/28/1998 1:12:00 PM
From: porcupine --''''>	Read Replies (1) \| Respond to of 1722

Re: Vallen (VALN). Axel, in this week's Barron's Rhonda Brammer did a favorable one-page writeup, on page 24, about this maker of safety goggles for chemical workers. Besides manufacturing, VALN has what I guess could be called "goggles boutiques" set up on location at 62 chemical companies. (Sounds exciting, right?) VALN is now making strides going global, after a few years of moving sideways as a company due to resting on past laurels. Re: Deere; on p. MW3 Andrew Bary points out that "Deere....looks for 10% profit growth in 1999....now trades at less than 10 times projected 1998 profits". Re: Boeing; Bary writes of Boeing, "This could be an opportunity to buy one of the world's leading manufacturers when it's thoroughly out of favor on Wall Street. [emphasis supplied by porc]

To: Axel Gunderson who wrote (558)	7/30/1998 3:12:00 PM
From: Axel Gunderson	Read Replies (1) \| Respond to of 1722

One of the "farmer's stocks" I mentioned was Nalco Chemical (NLC). Their primary competitor Betz Labs (BTL) was purchased today by Hercules (HPC). I suggest that you look for yourself at the premium take over price. Nalco Chemical was a much better value by free cash flow and financially stronger than was Betz. My understanding was that they may have had a better product line as well. If we assume that Hercules is a rational, informed investor in this line of business, then it would seem NLC is indeed a value. Avnet (AVT) reported yesterday. While EPS did not look exciting, business looked OK to me, and they did a lot of share repurchasing. In the past year they have repurchased about 4 million shares (about 10% of those outstanding) and from the looks of things, about half of those this past quarter. Fleetwood (FLE) has pre-announced that they are doing bang-up business. In other farmer news, Hew Holland (NH) and AGCO (AG) have reported quarterly results in the last couple of days. We may be looking at being just past the peak of the cycle for ag equipment. If we are somewhere in the vicinity of the peak, that would explain the seemingly low valuations of these companies. Axel quote.yahoo.com

To: Axel Gunderson who wrote (558)	8/14/1998 5:33:00 PM
From: Axel Gunderson	Respond to of 1722

Some Potential "Farmer's Stocks" Determined by rough mechanical screening only; otherwise no investigation done. All have financial strength ratings of "A" or higher by Value Line, all pay a dividend, all have current cash earnings well above long bond yield. Deere (DE) Computer Associates (CA) Cooper Tire and Rubber (CTB) Nalco Chemical (NLC) Armstrong World Industries (ACK) Avnet (AVT) Snap-On (SNA) Tecumseh (TECUA) Fleetwood Enterprises (FLE) Liz Claiborne (LIZ) To check them out, see: quote.yahoo.com Axel