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SOGEN FUNDS'
JEAN-MARIE EVEILLARD ET AL.
(continued from preceding
page)
OID: Yeah - at perhaps 4-5 times adjusted earnings.
Eveillard: I think so.
OID: From your earlier comments, I gather that you basically agree with Winters' analysis?
Eveillard: I do. And even after having appreciated as much as it has since we first spoke, Telegraaf still looks extremely attractive. It still looks like quite a good value.
OID: But you haven't bought any lately?
Eveillard: No. But that's only because I'm not smart. If I'd been really smart, l would have bought it every year over the past 10 years. But from a psychological point of view, although I try to fight it, when you buy something and it goes up and up, you're very reluctant to buy more - unless you're Warren Buffett.
OID: Actually, at Berkshire's latest annual meeting, Buffett said the same thing: one reason to never sell is that once you do, it's often very tough psychologically to ever buy it back.
Eveillard: Exactly. So if what you're looking for are high return businesses that are selling at big discounts, then I think Telegraaf would still qualify today. Certainly, if it were an American company, it wouldn't be selling anywhere near where it's selling today.
But, again, Winters already laid that one out. So...
OID: Actually, we'd be happy to have the same idea in every edition. But some subscribers might not...
AND TRULY A QUASI-MONOPOLY.
Eveillard: Well, how about one that's just as cheap as Telegraaf after making all of the proper adjustments,however with one difference: Telegraaf is the Netherlands' biggest daily newspaper, but it's not the only one.
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