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I hope everyone is having a good summer...Now, a little business. John Dorfman, who used to write for the WSJ and later worked for David Dreman, has his own value-oriented investment management firm here in Boston. John also writes a weekly column for Bloomberg.In John's current column he cites several companies he likes that are cheap based on their free cash flow. John picks from prior years have done well, which is just more proof that investing in pessimism pays. You can read the article here:http://www.bloomberg.com/apps/news?pid=20601039&sid=auzMWiX0ZLbY&refer=columnist_dorfman#Speaking of free cash flow, years ago I used to keep a file of the myriad ways in which the media and companies calculate free cash flow. I think I had 9-10 versions at one point. Some of the companies were especially aggressive, meaning they maximized every source of cash and minimized every use of cash.Which leads me to my next point: Polymedica (PLMD). They win my 2006 "La Poudre Aux Yeux" prize, as Jim Gillies points out here http://boards.fool.com/Message.asp?mid=24411196. La poudre aux yeux is a French expression (literally, powder in the eyes) meaning pulling the wool over someone's eyes.Hewitt
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