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Non-Tech : TJX Companies (TJ Maxx, etc.)
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To: Michael Burry who wrote (13)10/30/1996 4:24:00 PM
From: Michael Burry   of 30
 
Well, what does everyone think?

Goldman Sachs upgraded TJX to outperform from market perform
on Aug 9, 1996. Now it's taking back that upgrade. Actually,
the price is up, but not that much up. Based on my view of
the wage indicators, I see wages increasing more than the street
is acknowledging. Home sales are up more than expected. I have
questions about their housing turnover indicator's relation to
discount clothing. TJX is not a big-ticket durable retailer.
TJX should do better, and I would regard this pullback as a
cautious buying opportunity, but would get out if it falls below
36.

Michael Burry
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