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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (2585)	12/2/1997 10:13:00 AM
From: Michael Burry	of 78728

Re: UHAL and debt My 2 minute review-in-the-face-of-a-certain-family-member-trying desperately-to-get-me-to-go-to-breakfast: They even present their 10-Q in a confusing way. Looks like they have well over $1B in LT debt, have negative net cash flows after usual cap expenditures and before financing cash flows, and have been borrowing short-term heavily to get liquidity. Ick. I'm probably just not sophisticated enough to see the value here, but since I buy a stock as I would buy the business, I would not want this business. Next I guess I would proceed to looking at price, but my view of management is that they are too selfish and even possibly dishonest. Enough red flags for me. Good Investing, Mike

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