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Strategies & Market Trends : Value Investing

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To: Mike 2.0 who wrote (8069)	8/28/1999 6:21:00 PM
From: Michael Burry	Read Replies (4) of 78820

Speaking of Miller and Nygren and me, I just noticed that Washington Mutual (WM) saw 4 different insiders buy significant amounts of stock at the end of July. IMO, given that the risk here is that there is some trouble behind the scenes that is not now apparent (after all, it is an S&L), the insider buying, which is backed by previous insider buying last year at these levels, is comforting. Looking to add more. BTW, I did buy Ross Stores (ROST) yesterday. Excellent returns on investment, no long-term debt, with improving operational efficiency. All at its historic average PE of 13. My feeling is that there will be multiple expansion as the Ross concept becomes more and more efficient. Earnings should bump along at 10-15% growth. I added more Pepsi and more Fair Isaac yesterday as well. Both Fair Isaac and Washington Mutual were blindsided by the Bank One fiasco, somewhat unfairly IMO. Mike

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