| From: "Blast
Investor" <blast_investor@blastinvest.com> Date: Mon Jan 26, 2004 9:59 am Subject: Sold WRP |
| Today I sold WRP at 17.xx
took 6% loss in WRP. WRP is current worth $20 minimum. The non-cash impairement charge is only based on accounting rule. Here what I heard from WRP IR: According to equit accounting rule, any real estate asset has to reevaluated if the networth dropped significantly. The the recent charge is not necessarily true indication of Net Asset Value of property. I think it is conservatively accounted in order to avoid property tax as much as possible. However, due to rent rate decrease and deterioation of Commercial Property market in NJ and Boston, there is real loss of property values so that the true book is between $20 and $27. WRP is still underpriced, but not a great bargain as I thought. Conclusion: Admit mistake, Sold at loss and move on. Look for bargain else where. If WRP drop significantly in future, may reconsider buying back at much cheaper price. |
| From: "Blast
Investor" <blast_investor@blastinvest.com> Date: Mon Jan 26, 2004 10:55 am Subject: Added CHK |
| Today I added CHK at $13.35 CHK is worth $20 CHK is natural gas producer in south USA. CHK has been growing with smart acquision recently rapidly, which concentrated locations. By applying Ben Graham mining stock cashflow modeling, CHK earning yield is 19% or true PE=5 . By applying PE=10, CHK is worth $20 currently. CHK earning will improve in next few years due to high and higher natural gas price. N Gas is in long term bull market due to: (1) shortage of natural gas in USA, explained by Greenspan last year. (2) US printing of money, weak dollar, potential inflation in next few years. (3) Booming china economy, which pushed up all commodity prices. (4) Recovery of US economy. CHK is significantly under-priced with great earning and potential earning growth. |
| From: "Blast
Investor" <blast_investor@blastinvest.com> Date: Mon Jan 26, 2004 11:06 am Subject: Re: Added CHK |
| There is also insider buying
on CHK recently. Blast_Investor |
| From: "Blast
Investor" <blast_investor@blastinvest.com> Date: Mon Jan 26, 2004 1:40 pm Subject: Current holdings |
| Here is current holdings for
the model portfolio: CHK ADGO HCA HRB NEN NTES SOHU |