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MUTUAL SERIES FUNDS'
MICHAEL PRICE, RAY GAREA,
LARRY SONDIKE, DAVID WINTERS ET AL.
"THE PRESS HAS GIVEN ME MUCH TOO MUCH CREDIT.
WE TRULY USE A TEAM APPROACH."
from the Outstanding Investor Digest December 31, 1996 edition
Page
The Press Has Given Me Much Too Much Credit.
We Truly Use a Team Approach ....................................................................... 1
We Continue to Be Big Believers - Both in Mutual and Our Approach .................. 2
I'll Be Doing Somewhat Less, But I'm Going to Be Watching .............................. 3
Nothing Around Here Will Change - Except Everything Will Be Enhanced ........... 4
We've Had One of the Best Tracks Records
And One of the Lowest Expense Ratios.... ........................................................ 5
Big Isn't Necessarily Bad. e.g., Sears, ITT and Chase .......................................... 6
Even In Expensive Markets (Like Today's), We Find Pockets of Opportunity.... ... 7
Today, U.S. West Media Group Is Cheap.
But When the Cloud Lifts, It'll Do Very Well .................................................... 8
Sunbeam Stock May Be Ahead of Itself Today,
But it Could Be Up 50% in the Next 12 Months ................................................. 8
ITT Is a Good Value Today - As Are Tobaccos, We Think ................................. 9
We're Not (High) Tech Investors - Except For Busted Tech Stocks ..................... 10
We Have Very Good Expectations For Dial -
Plus the Cheapest Steel Company in the World .................................................. 10
Funds' Performance Has Been Very Similar,
But Going Forward, Shares Will Be More U.S. ................................................. 11
We're Shaking the Trees in Europe and Finding Enormous Opportunities .......... 11
Wallenbergs Are Incredibly Smart. And We're Buying Them At a Discount ....... 12
Eurotunnel Makes Sense Business-wise.
At 60-70% Off, It Makes Investment Sense, Too ............................................... 13
We Hedge Out Currency Risk Today.
And If Europe Unifies It, We'll Hedge It, Too ................................................. 13
We Bought Canary Wharf at 33¢ on the $1.
We Think It'll Work Out Tremendously Well ................................................... 14
First Rate Management and a Very Good Price
Made Railtrack a Classic Opportunity ............................................................... 14
We Find Opportunity in the New Lows List.
Recently, We've Been Finding It in Health Care ................................................. 15
Health Systems Was Already Dirt Cheap. Only Now It's Extraordinarily So ........ 17
Concerns About Foundation are Overdone.
And Even if They Weren't, Now They're Moot .................................................. 19
There Will Be Competition Among HMOs -
But Probably Rational and Market-Specific ......................................................... 21
It's Been Mighty Nasty Out There Price-Wise,
But 7-1/4 Times Cash Earnings Works For Me ................................................... 23
Horizon Healthcare is Incredibly Cheap.
And, Longer Term, It's a Good Business, Too .................................................... 24
Horizon Played the Wall Street Game, but Now the Music's Stopped ..................... 25
Horizon Probably Won't Be a Consolidator.
So They'll Probably Be a Consolidatee ............................................................... 26
The Payoff May Arrive With a Takeover
Or it May Come Thereafter - As With Chase ...................................................... 27
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