Lincoln Driving Value Stocks in from the Cold

Daily Mail (London), May 2, 2000 | Go to article overview

Lincoln Driving Value Stocks in from the Cold


Byline: BRIAN O'CONNOR

IF there is one point on which investors might agree with the demonstrators who invaded the City yesterday, it might be that the money made during the technology/dotcom bubble was excessive and not eco-sustainable.

That is bad news for the hot tech stocks, which have slumped 30pc since March. But it is good news for the old 'value' stocks, which are seeing some action at last.

Last week Charter, whose unfashionable welding equipment business had kept its shares in the doldrums, landed a cash bid from US rival Lincoln Electric at more than double its market price.

Then modestly-rated Fairview Holdings disclosed an approach from its own management which lifted not only its shares but those across the housebuilding sector.

Property stocks, which have been languishing miles below the value of their assets, were lifted by a cash offer for Scottish Metropolitan from Haslemere, part of Dutch group Rodamco. Ring in the old, ring out the new? Well, possibly. Before getting carried away, look harder at Charter's record. The shares peaked at 972p in 1997 and had slumped to 243p before Lincoln's 500p cash offer.

This is very welcome but many investors will still be exiting at a loss.

Fairview has a shorter track record and so has had less time to decline since being spun out of Hillsdown Holdings two years ago.

But its 30p jump to 157p last week still leaves the shares below their December peak. At Scottish Metropolitan, the 116 1/2p bid merely restored the price to its 1998 high.

Investors in all three are a great deal better off than a week ago, but to say they have lost less money than hitherto is not an overwhelming argument for 'value' stocks.

Yet the tide has turned to some degree. After months when the only sure thing about a company on an apparently absurdly low p/e of five was that it would soon be on a p/e of four, the amazingly low ratings of some are flushing out predators - sometimes all the way from their own boardrooms. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Lincoln Driving Value Stocks in from the Cold
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.