A good example of what we do....
   Larry Sondike: U.S. West Media Group is a good example of what we do. We initially bought U.S. West, Inc., - [which is] a Bell regional holding company - as a value stock because it was cheap [based] on the value of the assets. And we acted as a catalyst. The company did a restructuring to separate higher growth cable [and] wireless assets from the slower growth local telephone core.
   Ultimately we traded out very profitably of the local telephone piece and we've continued to hold and buy more of the higher growth cable, wireless and directory publishing U.S. West Media Group company.

We own a ton of U.S. West Media Group. And it's cheap.
   Shareholder: So you still feel optimistic about U.S. West Media Group?

   Price: Yeah, it's OK. U.S. West Media Group is basically a very, very large cable company today. And cable stocks have been under huge pressure because of competition and capital expenditures in the industry. And the results haven't been that good.
   So the stock's $16 - but that's cheap. We think the asset value is $30+. That's why we own it. And we own a ton of it. But it hasn't worked well. That's why we don't own one stock. We own lots of stocks.

When the cloud lifts over cable & wireless, it'll do very well.
   Sondike: The stock's recently been weaker, I think, for primarily two reasons. First, cable and wireless entities are distinctly out of favor. And, second, the company made a large acquisition which was dilutive.
   [But] we think that the market's grossly overreacted to the businesses it's in. At $16, it trades at perhaps 50% of the asset dollar. Plus, we think there are several catalysts to unlock value. The company's indicated publicly that they expect to realize the value of their wireless assets and distribute it to owners as soon as possible.
   So this is a good example of a stock we bought as a value stock. We act as a catalyst for change and the realization of value. Unfortunately, it later became another value stock - though we think the company's going to surface those values. And when the cloud lifts somewhat over cable and wireless, the stock will perform very well.

This guy's been around. And he knows how to do the job.
   Shareholder: There's been a radical change in Sunbeam management. Would you care to comment on the company's position and such?

   Price: Mutual owns about 17 million shares of Sunbeam - which is more or less 20% of the company. It's trading around $24. The new management is going to sell assets. They're going to close plants and bring production facilities together. They're probably going to reduce the number of SKU's [Stock Keeping Units] the company produces. They're going to bring out new products.

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