"The theme park business has softened with the economy, but its long-term prospects remain strong. While the recession may be forcing some families to settle for cheaper entertainment closer to home, the allure of Disney's theme parks continue to make them the ultimate family destination.

"Moreover, as some lesser competitors struggle with financial problems, the Disney parks enjoy strong financial backing. In addition, there is still good expansion potential outside the US, particularly in Asia and other rapidly growing regions.

"While many television networks and stations are currently suffering, the Disney properties are faring better. Its cable networks, such as ESPN and the Disney Channel, are still able to demand high affiliate fees, and so they are less vulnerable to any weakness in advertising.

"Disney is the king of content. It is extremely skillful at wringing additional profits from both new and venerable media properties. For example, when Disney brings out the Toy Story 3movie in 2010, it is expected to re-release Toy Story and Toy Story 2 in 3-D.

"Moreover, the release of the new film should reinvigorate the sales of merchandise based on the Toy Story characters. Disney can do this over and over again with all of its properties, reaching as far back as its first animated feature from 1937, Snow White.

"We believe that the current market volatility and economic weakness provide an opportunity to buy into a preeminent global brand at a temporarily depressed price."

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