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

To: Wallace Rivers who wrote (5615)	12/31/1998 8:55:00 AM
From: ED_L	Respond to of 78760

Stopped at Schlotzsky over weekend. Food was good as well as service. What appeared to be a very efficient clerk was telling a customer friend that she was quitting next week due to pressure by management to work unacceptable hours.

To: Wallace Rivers who wrote (5615)	12/31/1998 9:32:00 AM
From: Paul Senior	Read Replies (1) \| Respond to of 78760

Hi Wallace. re BUNZ. Yes, I have a full position in it as of early Nov. Two purchases @ 9.1/2. In addition to info. cited in your post, I'll add again that BUNZ also gets quite a bit of their revenue from franchising fees. For BUNZ, given its small size, I consider this a positive-- they should be able to expand such revenue with minimal increases in their own headcount. (Maybe)

To: Wallace Rivers who wrote (5615)	12/31/1998 1:17:00 PM
From: Shane M	Read Replies (1) \| Respond to of 78760

Wallace, Wright Sullivan is the first mention of DSTM that I recall. After looking into it I bought some earlier this week. His insight is much appreciated in my buy decision. I don't think this fits this thread's criterion for value, but _relative_ (and "relative" valuations have to be judged more carefully) to the ERP software space valuations, this is about as cheap as I've seen a solid company sell. High market share and rapid rev growth indicate they're still strong and growing. If they get much cheaper they usually have serious problems. DSTM has an informative site at dstm.com Shane

To: Wallace Rivers who wrote (5615)	1/1/1999 9:30:00 PM
From: Robert Hoefer	Respond to of 78760

Regarding Schlotzky's Deli (BUNZ): I saw it for the first time last month while travelling in Austin. Stores everywhere, because it's their headquarters. Ate the soup and sandwich and was very impressed. It's all in the bread, something you just can't understand until you have tasted it. And I know form my other travels that many places don't have a Schlotzky's yet, so there is room for growth. They are not competing directly with the burger joints or the more expensive dinner type restaurants. The low p/e and book ratios provide a margin of safety if growth doesn't pan out at 20%. The national ad campaign this spring should boost awareness, among customers and stock buyers. The accounting issues are complex, but Value Line says not to worry, and I do see a lot of cash and little debt. There are few accounting difficulties that cash can't solve. Normally I think restaurants and specialty retailers are too risky, but this one was too good too pass up. Companies under 100M market cap are just being given away; have you noticed how many low p/e stocks are popping up?