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Strategies & Market Trends : Value Investing

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From: Graham Osborn	1/20/2016 2:25:10 PM
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There's been a good bit of discussion here on shipping companies. One, SSW, I've been doing some credit forensics on since the company had apparent grown in rev and tangible book through 08-09 but the stock lost 3/4 of its value or so in a few months. I cannot locate any information that the company was in immediate danger of default. The issue seems more related to the fact that shipping companies have highly illiquid assets and can only fetch a fraction of the purchase price at fire sale (no surprises there). So I would say the tangible book figures for these and other heavy industrials are reflexive and should be treated with extreme caution. Microcaps tanking along with the Russell on low volume today. I hold IEHC/ MKRS with orders to acquire TTLO. The puts on CAR, MDT, AGN, and F are offsetting some of this. I tried to buy puts on GS/ ETP today but this is a sellers market with all the volatility. A bit over 60% cash. Good luck to all, Graham

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