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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote (10358)	4/18/2000 5:57:00 AM
From: cpabobp	Read Replies (1) of 78516

Mike, I'm a long time listener to your plays, and a recent addition to SI as well as a first time poster. Your TSG buy (if you actually bought yesterday) intrigues me, and I don't think I quite understand your reasoning. Here's what I see, let me know what I'm missing: The company is the leader in the travel agency software business. Their financial ratios are all very nice, except price to book seems a little high, but can be lived with. But, they recently lost a sale to AAA (arguably one on the larger travel agencies in the country) which switched from mixed systems to one called Apollo. And because of the internet, many consumers are trying to make travel plans by bypassing traditional agents. What are they doing to embrace the internet? Maybe they are already there? I would also tend to believe that consumer travel may be curtailed a little bit with airline prices so high (although I'm not sure what % of travel is consumer vs business). It also seems a bit risky jumping in days before their earnings announcement. I think I will hold off from this one until it shows a little more stability. Also, I'd like to extend thanks for the JBX pick, I got in a little after you did at 20 7/16.

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