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Technology Stocks : Corel Corp.

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To: bcoch who wrote (2435)	9/24/1997 12:51:00 PM
From: Michael Burry	of 9798

From the Ottawa Citizen article you cited: "The suite business is so big that even being second is still pretty good." Another reversal within months for Cowpland. This spring he was stating that if he stayed in Windows and competed with Microsoft, Corel would not survive. What happened to "our future depends on Java?" Many Corel investors have believed for years that if Corel simply followed Microsoft's OS lead and developed winning applications on Microsoft's OS - whatever it may be - the profits would come. Microsoft's franchise is its OS. Corel's is its applications. What made Corel think it could take down Microsoft by developing applications for an if-maybe concept OS? If-maybe Java is proven and commercial, then you'll see Microsoft move in with its cash and acquire the key technologies it needs to push Corel aside once again. Corel's downfall has been, and may continue to be, Dr. Ego's "beat Microsoft at any cost" mania. That said, for a contrarian and a value investor like me, Corel gets attractive when it is in the bottom 1% of all software stocks in the analysts' eyes. I feel that Corel owns assets undervalued due to management. Such situations should not exist forever. Good Investing, Mike sealpoint.com

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