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To: gdichaz who wrote (13355)	8/5/1998 9:53:00 AM
From: Jon Koplik	Read Replies (1) \| Respond to of 152472

Chaz - I am not sure I understand your question, but this may be part of what you were asking about ... Jim Grant was on CNBC two days ago, and said 220 publicly traded stocks in Japan are trading at or below (the famous) "net net" value (something about current assets and/or cash) (I am not someone who has studied Ben Graham's writings). Also, for what it is worth, another person (a French gold mutual fund manager) on CNBC mentioned Tokio Marine and Fire Insurance (TKIOY) as a buy recommendation (not based on net net stuff, but because he liked financial stocks, and was asked for ADR's only). Jon.

To: gdichaz who wrote (13355)	8/5/1998 11:19:00 AM
From: bananawind	Respond to of 152472

Chaz, A number of well known value investors have been picking at Japanese equities for some time now. Marty Whitman, whose firm manages private money and the Third Avenue Value Fund, believes the Japanese non-life insurers (P&C companies) are among the cheapest securities on earth. Some selling at fifty cents on the dollar based only on the current (depressed) market value of their cross-holding of other Japanese equities (ie.. $.50/$1.00 for the cross-holdings and get the insurance business free). Jean Marie Evillard (the Frenchman in Jon's post?) at SOGEN has taken similar positions (eg. Tokio Fire & Marine). -JLF