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We’ve had some nice trading gains on this rally we have been participating in. So take advantage of them. At the same time we have been revisiting JPMorgan which remains terribly cheap. Lucent has to be rewritten by us. The stock has bottomed right here after a year of destructive declines in value. The drugs should continue to be accumulated as they are basing. AOL Time Warner (AOL) $ 11.51 Today there were newspaper articles talking about the government investigation of AOL Time Warner regarding accounting irregularities. There is nothing new here. AOL has a letter from its auditors Ernst and Young that the $200 million in question is completely in conformity with Generally Accepted Accounting Principles. This means that E & Y has recently re-examined its work regarding this issue. There is no way E & Y is going to put its reputation on the line unless this transaction is bona fide (nice word). We would tell you to add to any AOL positions on weakness. We believe this stock is a double at the least, over the next year. The stock is down from near $50 during the last 12 months. It is the dominant media company in the world, and today selected a new man to run the AOL division. We are very excited as to the future of this company. The worst is over, and it’s just building a bottom here. Tyco (TYC) $ 13.12 Tyco has a new man in charge, and he is the former head of Motorola. Motorola was surprised by the resignation announcement so we know that this was not a forced dismissal by Motorola. The new CEO of Tyco would not have taken the job unless he knew Tyco’s books were clean. Think about this now. We have a guy who has a national reputation putting that reputation on line for Tyco. We think over the next year Tyco will double in price. There’s tremendous value locked into this stock. It is our belief that this value is going to become unlocked. We probably will not trade out of Tyco early, as we would like all of you to realize the value on this one. Rite Aid (RAD) $ 2.16 This one is simple. Rite Aid is going to stay in business and this stock doesn’t stay at $2.18. We are looking for a trading gain of 50%, and then we are out. Once out we will look for a way back in. In the interim if this stock drops, we will add to our positions. We do not want to put a stop loss on this one folks. Liberty Media (L) $ 7.83 This stock is so cheap it defies description. At $7 and change it has a net asset value of $14 plus. How can that be? The answer is that’s the price, so you have to go with reality. The way you explain this however is via a major stock player I have known for decades. He likes to buy whole companies on the open market. When I inquired as to why, his answer is, “Only in the open market can you buy things at a value that you would never be able to negotiate in a private transaction.” He’s right. Only in the open market could a Liberty Media trade to $7 per share. It’s selling at 50% of what could be realized by selling off the company. This means no value whatsoever is being added in the marketplace for what Chairman John Malone brings to the table. What he brings is the reputation of being the absolute best manager of businesses in this industry than anyone else on the planet. He has $3 billion in personal wealth to back up the statement. What happens in the market ultimately is that every stock must at some point trade to the reality of what it should be trading at. In time we will see Liberty Media double in value from here. Covad (COVD.OB) $ 1.17 Covad at the moment is the envy of its competitors. Why is that? It’s because it has a sound business with a sound business plan, and NO DEBT. How wrong can you be in a bear market owning a company with NO DEBT in an industry of companies laden with big debt? The answer is stay tune, and see. We are going to be right on this one. Your Friends At StocksAtBottom.com JOIN NOW |
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