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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote (7806)	7/21/1999 7:43:00 PM
From: James Clarke	Read Replies (2) of 78476

You may regret bailing on Case, you may not. I stayed with it, figuring on probabilities of x for closure at $55 a share, y for a renegotiated price in the mid-high 40s, and z for New Holland slinking away and Case falling to $30 before you can get out. I cover airlines professionally, though I don't know Mesaba well (I don't do small cap airlines). Tell my why you would believe that , <<it's 5-year growth line appears reasonably assured.>> That sounds like no airline I've ever encountered. If I'm going to do airlines - and that's a big if - I stick to AMR, backed by the asset value of Sabre (close to $40 per AMR share), a share buyback, and the best management in the business except for Southwest (which trades at 3x the multiple of AMR with Sabre backed out). JJC

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