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Strategies & Market Trends : Value Investing
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To: Michael Burry who wrote (7957)8/4/1999 6:45:00 PM
From: James Clarke  Read Replies (2) of 78825
 
OFF and ON Topic

I am shorting into this internet collapse because it is looking more and more like the big one. TGLO broke through to a new low yesterday, then they announced earnings after the bell - an upside surprise even - and the stock went down another 15% today. I shorted TheStreet.com 10 minutes before the close today and it dropped a point just in that time. If that gets to 19, that's the IPO price, then see ya. Amazon is at its final support level ~86. Tomorrow is key for Amazon. The reason I keep upping my bet at lower and lower prices is that I agree with Mike, the margin calls have got to be accelerating. And that could create a very quick death spiral for these things given that there is no level on the real garbage ones at which real investors would step in to buy.

And on topic: LKI, a net-net I posted in April at 7 or 8 announced earnings of 8 cents. I like this for two reasons - the company has been losing money, so turning from a - to a + should attract attention to the valuation. And also estimates were for 4 cents, so it should attract attention as an upside surprise. The stock is now at 9 5/8, still below book value and right about at net-net value. I would buy at the open tomorrow if it wasn't already 25% of my portfolio.

JJC
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