I'm currently about two months away from a long term gain in AZO. I think they have done a hell of a job and will have good comparisons at least through mid year 02. AZO certainly is not the screaming buy it was at $25. I agree with your philosophy as it mirrors my dead cat fund. No more than 2x sales, less than 3 times book, good debt to equity (varying by industry), and a PE under 20. Aloha! Take a look at CPN and HAL. A lot of dust in the wind but real value.