The new Neiman Marcus Christmas Book looks a bit different this year. Yes, it's still geared toward the typical Neiman clientele, but it reflects the fact that the usual customers may not be doing as well -- or spending as much -- this year as they did last year. The retailer is facing the fact that it will have to sell lower-priced items this Christmas, because that's what the public will have to buy (even the wealthy corner of the public).

Close to half the gifts listed in the 83rd edition of the Neiman Christmas catalog cost less than $250, and some of them are actually practical (though a bit pricey for most people). In the past, the number of gifts at this price-point would be in the 30% to 40% range.

"Tiffany & Co. (NYSE: TIF), founded in 1837, is a recent buy recommendation from value investor Charles Mizrahi. In his Hidden Values Report he looks at the high-end retailer.

"Tiffany and Co. is a jeweler and specialty retailer whose merchandise offerings include an extensive selection of jewelry (83% of net sales in fiscal 2006) as well as timepieces, sterling silverware, china, crystal, stationery, fragrances and accessories.

"Tiffany was founded in 1837 when Charles Lewis Tiffany opened a store in downtown Manhattan. Today, more than 150 Tiffany & Co. stores and boutiques serve customers in U.S. and international markets.

"The company's key growth strategies are to selectively expand its channels of distribution in important markets around the world without compromising the long-term value of the Tiffany & Co. trademark; to increase sales in existing stores by developing new products.

• Ranked in Top 100 Global Brand by BusinessWeek in 2007 with a brand value of $4 billion (as much as the current market cap).
• Since 2003, TIF has bought back over 23 million shares, or 16% of the shares outstanding.
• Management and insiders own 13% of shares.
• Balance sheet is strong: Current ratio is 3.2 and long-term debt/equity is a manageable 11.5%.

"Overall, TIF is a well-run business, and a price of $34 or lower per share represents a very good value. If TIF can grow earnings at only 10% per annum and maintain a P/E of 15, the stock will handsomely reward investors during the next five years."

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