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Strategies & Market Trends : Value Investing
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To: Jurgis Bekepuris who wrote (10356)4/20/2000 1:32:00 AM
From: Michael Burry  Read Replies (1) of 78516
 
Today, I did buy Symantec as my first pure tech holding since Oracle and Apple. Only in one of my portfolios, in which the owner wants to be more aggressive. But I did buy it. The reason I am attracted to it is that they are not only a growing tech company at a reasonable multiple well below their 5-year sustainable growth rate, but like my Apple and Oracle picks last year, they are not being recognized for two big things:
1)Many still think of Norton Utilities and its second-banana Antivirus product. It has expanded into much more than that, and dominantly. There is much growth left and it is not Y2K or PC dependent. It doesn't seem that this is priced into the stock, for whatever reason.
2)Cost controls at the company are excellent. The company is just about the only tech player in Silicon Valley who does not think money is water to be thrown on every fire. Very little excess. The company works from a tight working capital base, keeping minimal inventories and tight credit with customers.

After I bought, the company beat estimates by 10 cents. I was hoping it would fall lower so I could get a chance to add it in some other portfolios, but it does not look like that will happen. Here's hoping for another Nasdaq crash.

Mike
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