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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote ()	3/25/2000 10:11:00 AM
From: MCsweet	of 78548

MOVIE Gallery (MOVI) MOVI is a video rental store for rural and small-town markets. With the emergence of the internet and pay-per-view, it appears that the market believes that video stores are going to go the way of the horse and buggy. I believe the market is over-reacting. Assuming the video stores last more than a few years, MOVI looks quite attractive to me right now for several reasons. 1. Sells at PE of only 6.6, with a Price-to-Cash earnings (Earnings before amortization of intangibles) of less than 4. 2. Appears to be taking all the appropriate measures --- buying back stock, establishing an internet web site, and renting DVD's in selected markets. 3. In the latest conference call (available on vcall), I heard the company state something to the effect that if this upcoming quarter isn't there best quarter that they would be very disappointed. What do you think? MC Disclaimer: I am long this stock and accumulating more.

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