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Strategies & Market Trends : Value Investing

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To: James Clarke who wrote (7442)	6/7/1999 4:05:00 PM
From: Michael Burry	of 78670

Jim, Funny, I looked at the same thing and didn't come to the same conclusion. In any case, I'm talking contrarian value here. I'm not saying it's Buffett, and I'm not saying it's Graham. The stock is down 50% with insider buying at this level, which happens to be big support going back years. No debt, a quarter of the share price is cash, and the company has always shaken out of this recurrent funk that it seems to hit with regularity - precisely because it leads the industry. Your interpretation might explain why the stock has had trouble adding big value over time, though. I'll certainly give you that, and revisit it, but it probably won't change my mind as much as the WSJ story about what a ditz the CEO of MAT is. Mike

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