Fundamental Fund Update 3/3/14

Well, folks, it has been a while.   First, I have to admit defeat on VMI.  I sold it at a loss on February 21 after the company reported disappointing earnings and outlook.  I apologize for this pick, but even Warren Buffet makes mistakes.  Now for my replacement pick.  I am recommending Spirit Airlines, Inc. (SAVE).  This discount airliner has a solid balance sheet (no long term debt), its revenue growth was 16%, EPS growth was 39%, PE is 23, ROE is 26% and expected EPS growth is 25%.   I calculate the intrinsic value at 119, so I rate this stock a strong buy at about 57 (I bought the stock personally last week at 55).  So I am adding this stock to the fundamental fund as well.
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