First of all I am pleased that I figured out how Steinway came up with LVB as their stock symbol -- won't give it away, but google initials.

LVB could be value trap -- while not going out of biz, and a premium brand, don't get caught up in book value (much less real estate valuations which have declined substantially). Listened to CC -- mgt was morose. Still laying off, further cutbacks necessary, foreign competition, school budgets being slashed for band programs. In short, they have got a ways to go.

Value traps can try your patience -- LVB will need a catalyst to drive the price -- nothing on the ST or medium term horizon -- they still have another painful year ahead. Continually lowering sales guidance -- look for further sales declines.

Painful, very painful -- hope they make it. Great, iconic American brand.

"There are no extra points for added degrees of difficulty in investing." Warren Buffett

Baumie