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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote (8471)	10/2/1999 12:50:00 AM
From: James Clarke	Read Replies (1) of 78567

The long knives came out on Mattel today (16 7/8). We are now well over 50% down from the high, with recent insider buying. Today we saw an extreme price move on pure speculation about the third quarter. There are a lot of scary rumors flying around. The company has said nothing, and the top analyst on the stock is digging in, saying if the company misses the third quarter it won't be by a significant amount and that U.S. business is pretty good. Big volume today, and it looks to me like a panic sell. Not that it can't go lower, as panic selling begets more panic selling in a market like this. But Mattel is a name that many investors of all stripes watch. This stock is way too conspicuous to drift down indefinitely like other stocks are doing. Yesterday when I added I did not have the "punch in the gut" feeling. Today I did. Mattel is a buy. I added to Mattel too early, but will add more. Also adding to Ambac and Clayton. I agree completely with Paul Senior's statement that there are some entire sectors out there (insurance, housing to name two) which have been absolutely flogged by investors. If you buy quality names in these sectors, I agree with Paul that you will be quite happy two years from now. JJC

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