The small list of NYSE stocks listed below, in our opinion, offer investors high quality and established investment opportunities at a severely discounted price valuation. The "dogs of the DOW" are more prevalent than you might assume.

The stocks listed in the box below, we believe, will offer excellent upside potential during the next 6 - 12 months, with limited downside risk.

1. GBX is a supplier of transportation equipment and services to the railroad and related industries. $5.50 cash, book value $9.57 - around 14 million shares fully diluted - for the year ending August 31, 1999 revenue reached $520 million and net income/sh $1.36 versus $451.7 million and $1.42. Backlog remains very strong. According to management the railcar business is robust - company delivered 8900 new railcars during 1999, as compared to 7800 in 1998. Looks very attractive at current levels - most professionals as well as neophytes have overlooked GBX! We haven't. Strong buy rating. Corporate Phone: 503-684-7000.

2. CGX provides a full range of traditional printing services, including electronic presses, printing, finishing, storage and delivery of documents. The company also provides a variety of electronic communication and fulfillment services. For the six months revenue $298.7 million and net $1.37 vs. $188 million and $1.03 net. Fully diluted shares 15.9 million. Book around $6.50 (does not include the $160 million goodwill). Management assumes CGX can grow 30% during the next 3 years. PE should dramatically expand from the current est. PE of 7.5x. Looks very attractive at current levels.
Website: www.consolidatedGraphics.com; Corporate # - 954-433-3900

3. CLE is a mall-based retailer of popular priced fashion accessories and apparel targeted towards teenagers. CLE currently owns and operates 2200 stores within the US, Canada, the Caribbean, Japan, the United Kingdom and Europe. Website www.clairestores.com. Claire's Stores recently acquired Afterthoughts Accessory Chain from Venator Group for $250 million. This acquisition includes 768 stores located in major regional malls in all 50 states. Currently 51 million shares outstanding, cash $125 mil, and book value around $6.50 - for the nine months sales grew to $539 million vs. $437 mil, while net income/sh exploded to .92 from .65. Looks very attractive at current levels. Corporate phone: 954-433-3900.

4. XRX is engaged in the global document market, providing document solutions that enhance business productivity, including digital publishing, printing and copying equipment and light-lens copiers and duplicators. Current book value $6.91, shares outstanding 663 million, trading at around 11x trailing 12. Been slaughtered lately and deserves to trade much higher long term. We find XRX very attractive. Corporate # - 203-968-3000; website: www.xerox.com.

5. PER provides information technology services and business solutions on a worldwide basis, focusing on three core disciplines: business integration, systems integration and application development, and information technology infrastructure services. For the nine months revenue grew to $861 mil vs. $724 mil, while earnings to .43 vs. .29. Fully diluted 112 shares outstanding. Book value over 43.00 and PER has 0 debt. Trading near 52 week low - off 80% from recent high - looks like a great January 00 for nice rebound. We rate PER as a great buy at current levels. Corporate # - 972-340-5000; website: www.perot.com; Broker contact: Greg Nelson @ 1-800-269-9460