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SOGEN FUNDS'
JEAN-MARIE EVEILLARD, CHARLES DE VAULX,
ELIZABETH TOBIN ET AL.
"SOME OF THESE MAY NOT LOOK CHEAP.
BUT APPEARANCES CAN BE DECEIVING."
from the Outstanding Investor Digest August 8, 1997 edition
Page
Some of These May Not Look Cheap. But Appearances Can Be Deceiving ........... 1
We've Been Too Conservative. And We Should've Known Better ....................... 2
If It's a Major Discount You're After, Consider French Holding Companies ........ 4
A Succession of Holding Companies Can Create a Discount to a Discount ............ 6
And These Aren't Some Passive Portfolios.
Underlying Value Has Compounded Very Nicely .............................................. 9
Things Are Getting Better in Europe - Believe It or Not, Even in France .......... 10
European & American Earnings? They're Generally Apples & Oranges ............ 10
A Bargain When We Last Spoke That's Once Again a Bargain Today ................ 12
Low Cost Position + First Rate, Motivated Mgm't =
Unusually High Returns in a So-so Business ..................................................... 13
Adjusted to American-Style Accounting,
Even Their Depressed Earnings Are Impressive .............................................. 14
And Emin Leydier Has Earning Power that It Has Yet to Display. But It Will .... 17
Telegraaf is Still Quite a Good Value.
But Winters Already Laid Out the Case .......................................................... 19
So Here's One that's Just as Cheap and Truly a Quasi-monopoly. ...................... 20
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