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Non-Tech : Claire's Stores (CLE) NYSE
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To: Gus Yeung who wrote (6)10/14/1996 2:57:00 PM
From: Michael Burry   of 619
 
While I admire your enthusiasm and willingness to check out
the stock up close and personal, I must admit that I am a
bit shy about predicting this to be the next Gap. As we all
know, retail is intensely competitive with few barriers to
entry. High profit margins tend to attract capital investment
easily due to these low barriers to entry. This means increased
competition, the biggest threat to CLE's long term prosperity.
Given that a company should be valued on its 5 year prospects,
I must say that such prospects are up in the air for CLE.

Good luck to all.

Michael Burry
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