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February 7, 2008 Dear Friend, We continue to write about LPX and the OSB market, which are true "deep value" out-of-favor markets. We like to look at something not in a "new era" as steel mills sold at up to three times replacement value in 2007, whether good like Chaparral or several opposites otherwise. Four welded tube takeovers later at upwards of FIVE times replacement cost as metals companies trade near 12 times what the consensus views as the FIFTH straight year of record earnings, the lowly housing, OSB and Louisiana-Pacific sectors appeal to me. We will write about Newmont Mining's 2008 cost, output, reserve and resource updates over the weekend after its 10 am (e.s.t.) webcast tomorrow. Faithfully yours, John C. Tumazos |
Copyright © 2008 John Tumazos Very Independent Research,
LLC
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