Monday, October 09, 2006



Down 0.1 percent today. I started a new position in PTG. The company has lots of cash and a big buyback underway. Given the growth in its software business, I think PTG can earn $1 million this year, which would give it a price to enterprise value of about 4, definitely an attractive multiple in a market where smallcap value stocks have become scarce. I'm in for 1500 shares and will consider buying additional shares if the price comes down more.

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