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

To: Fredman who wrote (1453)	5/9/1999 6:58:00 PM
From: James Clarke	Read Replies (1) \| Respond to of 4690

If the economy goes into a recession, Steelcase stock is not going to go up. But neither will most other stocks. Historically, the business is cyclical, but not boom-bust cyclical. And Steelcase has the balance sheet to weather any storm.

To: Fredman who wrote (1453)	5/12/1999 7:38:00 PM
From: James Clarke	Read Replies (1) \| Respond to of 4690

Buffett, REITs A Buffett research analyst made the rounds of Wall Street REIT analysts right near the bottom looking for stocks with very specific characteristics. 1) a bet against the S&P index 2) very high yield 3) unlikely to have real estate risk - i.e, the company is doing nothing. All he wanted was the assets at a 25% discount. This was for his personal portfolio, not for Berkshire Hathaway. The Wall Street guys are cringing that he bought SKT and TCT, but that was what he was looking for. The only reason they made the moves they did was that he bought them, so he kind of cheated. Wish the mere fact that I bought a company would run the stock up 30% in a week - I could be a billionaire too under those rules. Read those three criteria again. This sounds like a guy who thinks the market is an extrememly dangerous place to be, but doesn't like to hold cash if there is a high yielding substitute available. And if you're thinking of REITs now, you're probably too late. These probably don't go much further from here before the companies start issuing shares again. JJC