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Strategies & Market Trends : Brand Name Values and Turnarounds -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (24)	8/8/1998 11:22:00 PM
From: Investor2	Respond to of 82

You brought up Kellogg. That is another one of my long term holdings. However, unlike CL and MCD, which were overvalued based on historical dividend yield and P/E (we discussed CL and MCD earlier this week), K is definitely at the low of its historic valuation range. I rate Kellogg a definite value play at the current price. Best wishes, I2

To: Paul Senior who wrote (24)	8/13/1998 11:00:00 PM
From: Paul Senior	Read Replies (1) \| Respond to of 82

I've added to my small positions in Toys-R-Us and Amerco. TOY is trading near its lows. Franchise is intact, but being eaten by Kmart and Wal-Mart. New management is and will be trying some new ideas to respond to competition. Stock is IMO undervalued (pe) compared to where it could or should be in 18 months. UHAL: Strange family relationships among controlling stockholder family impact and mar performance. An issue is: for whom is the company being run? (Not for outsiders it seems, e.g. some sweetheart deals between controlling family and co. perhaps.) But UHAL are growing and they are dominant in a couple of areas. For example, from their annual report: "U-Haul is the number-one retailer of propane in the industry, with 860 locations available..." and "The U-Haul brand name, recognized by over 98 percent of the American public..." Here's a company with a VERY good franchise who are building on it with public storage and insurance, but with maybe very mediocre management. Forgot what Buffett said about that, but I think it's something about that being better than a fair business with very good management. That would assume I believe - honest and sane management in both instances; perhaps not a valid assumption here. Anyway, with a business that seems to be moving right along (-g- sorry -g-), a price below stated bv and approaching year low, and if I can maintain a 3-year time horizon, ... it's worth increasing my commitment now.