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Strategies & Market Trends : Value Investing

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To: James Clarke who wrote (9742)	1/26/2000 2:08:00 AM
From: Michael Burry	Read Replies (1) of 78498

Jim, yes I am agreeing with your underlying point. There's an off-balance sheet asset that offsets the off-balance sheet liability to some degree or to all 360 degrees. So one must estimate them both and come to some conclusion. I'm just saying that Graham's net net calc is pretty simple. If he could be pressed on different types of off-balance sheet liabilities today as regards his net net strategy, how do you think he'd treat operating leases? Maybe he'd assume it's a wash, but I think it's a bit much to assume he would make it an asset. Especially with such a conservative style as net net investing. Mike

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