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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote (7811)	7/23/1999 1:08:00 AM
From: Paul Senior	Read Replies (3) of 78826

Making the following changes: Selling Schlumberger (SLB) at 61+ vs. buy @48 in 9/98. It is no longer a value play imo. Buying Budget (BD) as it craters to a new low. 2nd largest consumer truck rental agency, 3rd largest car rental agency. Stock collapse is unjustified. OTOH, I've been so wrong on this stock for so long, that perhaps the collapse is justified all right. It's just me who's clueless as to the justification -g-. Switching out of KLM and buying a very little UAL. KLM may have difficulty maintaining dividend. United Airlines is selling below book value and below 8x earnings. Okay price for a dominant air carrier (imo). Selling PFX (13/16) vs. buys last year between 14 and 2. Big oops. Capital losses to offset capital gains. Adding to CDN (12). Will participate in .18 micron chip technology. Billion dollar company with 4 thousand employees and tons of turmoil in the executive suite. BTC. Banctec. A takeunder! Deal closing I believe today @ 18 1/2. I bought and posted @ 24+ in 10/97. Taking small loss on early positions but larger profits with risk arbitrage at 16+. FWIW.

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