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

To: Allen Furlan who wrote (5917)	2/1/1999 8:22:00 AM
From: Dan Meleney	Respond to of 78483

Allen, re NAKD I recall looking at this when it first came up on board, and I don't recall liking anything I saw. Sorry, no specifics, I should keep better notes. Eight years ago my boss ran two units, mine and an auto leasing one. There are lots of tricks and traps in that business that even DD on their financials can't disclose to an investor. If I wanted to invest in a leasing company based on value investing, I'd look for one that has a good, stable history of volume and losses but has switched away from gain on sale accounting and had the market bash in their price. These companies have had no change in cashflows, as they are still securitizing, but they are less aggressive in their accounting. Some of these have probably taken 75% haircuts. Dan