VERY DEPRESSED MFRD HOUSING INDUSTRY, CAPACITY CLOSURES & BANKRUPTCIES, MGMT SHIFTING PRODUCT MIX TO MODULAR/COMMERCIAL, REFINANCING DEBT ADVANTAGEOUSLY.

FEE GENERATING BEHEMOTH MANAGED BY BEST DEAL MAKERS, SPINNING OFF INFRASTRUCTURE BUSINESS, EXPECT MORE ACQS & DIVESTITURES

newsprint mkt structurally improving w/ massive capacity reductions, merger synergies (ABH+BOW), highly levgd b/s

rebuilding the middle east w/ recycled petrodollars, divesting capital intensive cement business

subprime auto lender w/ conservative standards, came close to Ch 11 in 2002, slowing originations now, trades @ .7x TBV, potential takeover

copper mkt has structural supply shortage and is prone to disruptions (e.g. labor issues in Peru, earthquakes), demand is BRIC-driven, don't need to do any acquisitions, PD integration and debt-paydown way ahead of schedule, mgmt/board committed to returning capital to shareholders, gold outlook strong, hidden value in Molybdenum mines, possible takeout in global mining consolidation.

global metals recycling play, exporter from US to Turkey, Korea, other developing countries all w/ surging demand, control the real estate and ports for shipping, also own a minimill in Oregon which tried to sell in past, great mgmt team.

SIRI merger goes through and cost synergies blow away the bears, Mel Karmazin's farewell shot of value creation for the patient and loyal investor.