Absolute Values is our collection of sub-working-capital and/or low-multiplier bargains that are burdened by unfavorable market perceptions and lack knowable catalysts. Our research focuses on culling through the multitude of buggy-whip companies and scams that populate this category to identify bargains that are likely to appreciate and be around in five years. Our conviction about such investments is typically less than our convictions regarding special situations and our positions scaled accordingly. Our work on absolute values does not detract from our search for special situations; it is simply a method for putting more cash to work in a responsible manner. For more information or to become a client, please call Chuck Hanabergh, director of marketing, at 201-995-9005.