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Strategies & Market Trends : Value Investing

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To: James Clarke who wrote (7808)	7/21/1999 8:29:00 PM
From: Michael Burry	Read Replies (1) of 78825

Jim, Ok, so let me clarify: TODAY I don't regret bailing on Case just under 46. I have a lot of cash to put to use. We'll see how it turns out the day Case closes for cash. I guess rumor is that everyone's selling because the stock is falling, and there's no news. That's why I sold. So then I might lose. You don't DO small cap airlines? Why oh why not? Because the biggest airlines are mature and cycle-driven. The smallest are not mature, and have wind at their backs, so to speak. SO if you can find a pretty safe niche, you can reasonably project growth in the face of cycles. Mesaba is beholden to Northwest. Mesaba's very well-run, or has been. Great numbers. Great returns. $4/share in cash. No debt. Very cash flow positive thanks to its sweetheart arrangement with NW. The biggest risk here is the agreement with NW going to pot. Mike

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