Forum Archive Index - May 2003

["tennyson@caverock.net.nz" <tennyson@caverock.net.nz>]

Hi Macdunk,



>
> Snoopy mentioned steel and tube in a recent post.  Now there is a
> company that is run by guys that stick to there knitting.  Not for
> them to take shareholder funds and invest, or should I say speculate
> in pie in the sky stupidity.   
>



Yes, I think many investors might take heed of how those seemingly 
boring companies like Steel & Tube do things.  Focus on what you do 
and do it well.  I think there is a lesson in there somewhere.

I wouldn't totally write off Sky TV though ;-)



>
>The pity is I sold out too quick,
> I presumed the building boom would be over by now.   
>      



Did you?   It's always hard to pick an absolute top.  Steel and Tube 
have a buyback program in place at the moment.   Given that they 
have hardly bought back any of the eight million or so shares they said 
they would buy back, perhaps STU management perceive the share is 
indeed fully valued?   Frankly I would be surprised if the STU share 
price was as high as $3.44   ( is today's closing price an all time high?) 
in two to three years time.   Then again I could be wrong.  However, I  
don't think I am wrong in saying that buying into STU via majority 
shareholder Onesteel (ASX:OST) is a cheaper option than buying STU 
directly.

SNOOPY

--
Message sent by Snoopy 
on Pegasus Mail version 4.02
----------------------------------
"You can tell me I'm wrong twice, 
but that still only makes me wrong once."


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