Tuesday, July 01, 2008

Quick Update

Market's been sucking as all of you know. Manitowoc (MTW) outbid Illinois Toolworks (ITW) for Enodis, and as a result it has taken an additional hit. I do think they overpaid, but I can't say that I really know that for sure. I am not sure I completely believe management as to how quickly that acquisition will add to earnings, but I do believe that it was a purchase that strengthens the company over the long-term. And, since I'm in it for the long-term, and I had some money to put to work, I've averaged down on the position. My cost basis is now in the mid-35's.

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