Winter 2009

ZINC is the lowest cost producer of specialty zinc and zinc-based products, benefiting from a unique refining process that allows them to acquire feedstock at a negative cost. Despite recent declines in zinc prices, the long-term outlook is positive due to the closure of competing facilities and ZINC's strong cash position, which constitutes 70% of its market cap. The stock is currently trading at approximately 40% of book value, presenting a significant upside opportunity.

Pfizer is currently trading at a significantly low valuation of seven to eight times earnings, a stark contrast to its historical trading range of 40 to 50 times earnings. The company has a strong strategy focusing on mature products and generates substantial free cash flow, making it an attractive investment opportunity.

Marvel Entertainment is overvalued at $30 due to unconventional financing and accounting practices, as well as declining demand for their films. The company is expected to struggle to generate sufficient box office revenues, leading to significant downside potential. A fair value estimate is $18, indicating approximately 40% downside from current levels.

ZINC is a low risk stock due to its cheap valuation and strong balance sheet. The company is positioned as a low-cost producer in its industry, and its valuation is currently below liquidation value, likely due to irrational selling rather than fundamental issues.