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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote (8070)	8/29/1999 10:58:00 AM
From: geoffrey Wren	Read Replies (1) of 78821

Ross Stores: I looked into them before, not recently. Here in No. Cal. they are big. When they started they were clearing a lot of dept. stores materials (e.g., Macy's spring clothes that got remaindered out in July), but as a percentage these sales are much smaller now it seems. Sort of like the transition where outlet stores went from selling overruns, seconds, etc, and just became more like a regular retailer. Much of the Ross inventory now is "no-name" stuff now, made in China etc. They are at Market saturation in the Bay Area now. What turned me off about Ross before was the pay of the top executive. It seemed out of line at the time. But maybe he was worth it. I used to follow dept. stores more. I think the industry might be pretty high in an up cycle now. Just some thoughts. Not really recommending or not.

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