We like tech stocks - or at least busted tech stocks....
   Shareholder: Do you have any interest in the new technologies like wireless - like CAI Wireless?

   Price: No, we're not tech stock investors until they stumble. Some of you may recall that we were involved in the Storage Technology bankruptcy in the mid-'80s. And we were involved three years ago in Wang - which used to be a tech stock bankruptcy. And, in both cases, we did extremely well. Even though we were creating and buying technology, we were paying less than the net cash per share.
   And there are busted tech stocks that we're looking at. There are some things that are way down. But we really want to buy things cheaply.

   Shareholder: May I have your opinion on IBM?

   Price: We don't follow IBM, but they're doing well....

Would we buy AT&T today? Yeah.
   Shareholder: Do you consider AT&T a value play today?

   Price: We could talk about AT&T for hours. And it also goes to our comments before about large cap stocks. Maybe they're tough to figure out. The stock's down a lot. So it's probably getting pretty cheap. That's why we own it.
   There are other things coming out. You know they're going to unwind NCR. And other pieces are coming out. Their balance sheet's in pretty good shape. [And there's] new management. But Wall Street ... was disappointed in who they picked. So we don't yet really understand it.
   I think it's OK. If I owned AT&T, I wouldn't sell it here.

   Shareholder: Would you buy it?

   Price: Would I buy it? Yeah.

   [Editor's note: Portfolio Reports estimates that AT&T was the largest purchase of Mutual Beacon, Mutual Qualified and Mutual Shares funds during the six-month period ending 6/30/96.]

We have very good expectations for Dial.
   Shareholder: I read that you didn't approve of the
way Dial was restructuring. What's happening over there?

   Price: It's moving along. Dial is two companies now - Dial Soap's business, Dial, and Viad. And we have very good expectations there.

Algoma's awfully cheap - one of the cheapest in the world.
   Shareholder: What's your current opinion on Algoma?

   Price: Algoma Steel is a Canadian steel company. They reorganized because they had too much debt in '91 and '92. They largely supply auto companies in Detroit. And I think it's one of the cheapest stocks in the world. So, that's my opinion. Jeff, we own what percent of Algoma?

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