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Strategies & Market Trends : Value Investing

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To: Jeff Maresh who wrote (1493)	7/8/1997 10:58:00 PM
From: Michael Burry	of 78644

Hi Jeff, Took a long look at CBI, and am impressed by their international aspect -- maybe a good way to take advantage of the building of infrastructure in Asia, India, and other developing areas. But I am disturbed on most other counts, and as I am not smart enough to do 100% top down investing, I'm inclined to leave this one be. On most standard value ratios, it is at or above the industry average -- even if one doesn't include the PE, which granted is misleading. Yet its ROE and ROA are much less than the industry average. Further, the company is experiencing falling margins due to product mix changes -- not a transient thing. Maybe you can help me see the margin of safety here, cuz I don't get it. What do you think of HP's news that it is taking on SGI with machines orders of magnitude faster? Mike

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