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Strategies & Market Trends : Value Investing

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To: jeffbas who wrote (7742)	7/13/1999 1:27:00 PM
From: Michael Burry	Read Replies (2) of 78476

Speaking of buying well-managed commodity companies at lows, I was struck recently when I read that only 14% of investors were bullish on gold, and that the prices had hit levels that hadn't been seen since 1979. So of course I think "historic opportunity." Homestake Mining was brought up here by Paul I think. They produce gold at a cost just under 200/ounce. Even at current levels they are producing about breakeven results. A decent balance sheet - strong if you compare to others. Evidently everybody's short gold. Well, here's hoping for a squeeze. I just bought some Homestake at 7 5/8. Eegad, sold my Midway to do it. Oil, gold, and arbitrage make up about 30% of my portfolio now. Mike

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