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Strategies & Market Trends : Value Investing
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To: sjemmeri who wrote (9839)2/1/2000 7:50:00 PM
From: Michael Burry  Read Replies (2) of 78470
 
You're assuming bankrupt will result in a 0 stock price. That won't necessarily be so. Does it change anybody's analysis if I told you the downside was 10?

BTW, I disagree with Jeffrey's concept that Graham didn't foresee asbestos and tobacco in his comments on lawsuits. The idea that the market hates overdiscounts potential liabilities seems pretty much intact. Whether an industry can be bankrupted or not doesn't seem to make Graham's idea any less valid, IMO.

Yes, I'm long MO at 21 15/16.

Mike
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