BUY: SHOO (NASDAQ), IIIN (NASDAQ), LMS (NYSE), KSWS (NASDAQ), WON (NYSE)

• Purchased 81 shares of Steve Madden Ltd (SHOO/NASDAQ) at $29.48/share = $2,387.88.
• Purchased 138 shares of Insteel Industries (IIIN/NASDAQ) at $17.29/share = $2,386.02.
• Purchased 82 shares of Lamson & Sessions Co (LMS/NYSE) at $29.30/share = $2,402.6.
• Purchased 70 shares of K-Swiss Inc (KSWS/NASDAQ) at $34.05/share = $2,383.50.
• Purchased 338 shares of Westwood One Inc (WON/NYSE) at $7.01/share = $2,369.38.

Initial bank account: $12,296.75
Total cost (shares): $2,387.88 + $2,386.02 + $2,402.60 + $2,383.50 + $2,369.38 = $11,929.38
Total cost (transactions): $15 x 5 = $75
Final bank account: $292.37

Portfolio:

• PNCL (NASDAQ): 333
• CALL (NASDAQ) : 545
• SGTL (NASDAQ): 271
• KG (NYSE): 131
• ANIK (NYSE): 254
• PPD (NYSE): 78
• HNR (NYSE): 217
• MOT (NYSE): 133
• PWEI (NASDAQ): 90
• PLAY (NASDAQ): 266
• HRB (NYSE): 109
• CLMT (NASDAQ): 79
• FCX (NYSE): 46
• FDG (NYSE): 82
• XJT (NYSE): 378
• DLX (NYSE): 112
• ASEI (NASDAQ): 49
• INTX (NASDAQ): 265
• CECO (NASDAQ): 113
• CRYP (NASDAQ): 148
• UIC (NYSE): 49
• CONN (NASDAQ): 105
• HGT (NYSE): 102
• WIRE (NASDAQ): 117
• IPS (NYSE): 27
• SHOO (NASDAQ): 81
• IIN (NASDAQ): 138
• LMS (NYSE): 82
• KSWS (NASDAQ): 70
• WON (NYSE): 338

Total portfolio price is 84,778.38. Please see the most recent portfolio price update to see the portfolio's price changes before today's purchases.

Following several months of dithering, I bought Westwood One today for $7.01/share. Analysts (for what they're worth -- bah!) seem to think the earnings outlook for this company is not that bright, and perhaps purchasing it with a holding horizon of approximately one year isn't the most ingenious plan. However, the thing I noticed is that, according to MSN's MoneyCentral, the company has (or more correctly I, as a shareholder, have) $8.01 of book value per share. If the company's balance sheet is relatively accurate in valuing it (depreciation and amortization can be nebulous bits of arcana that don't fully square with real life), I just bought $8.01 of stuff for $7.01. That should be a pretty good deal -- an automatic 14% return on my investment as long as I don't just decide to sell to Mr Market when he's acting whack.