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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (7870)	7/28/1999 12:17:00 AM
From: Michael Burry	Read Replies (1) of 78499

Wow Paul. I bought and held ALR around 12 at the beginning of 98. Looked real cheap then at like 7 times earnings. Well, I bailed when it broke to new lows. Thankfully, as it is now at like 3 times earnings. Actually, the decimal points have become significant in this stock -- 3.33 times earnings. It was actually a pick of the month for me back then. I'd forgotten about it. The business is two obscure, and that two unnamed governments make up the bulk of its business was a little too much for me in the end. When it loses money, it really loses money. Good luck with it. A consummate value stock. Mike

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