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Strategies & Market Trends : Value Investing

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To: Michael Burry who started this subject	9/15/2002 12:08:55 PM
From: 249443	Read Replies (1) of 78666

Fleming Discussion Guest Access: www.valueinvestorsclub.com/guests/view-thread.asp?id=357&more=dtrue The idea-writeup is old (5/22/01), but there is an interesting (including some 8/02 thoughts) Fleming dialogue. I look at this company with a market cap of $300 - $700 million and a debt load of $2.2 billion. My thoughts on FLM: I have a concentrated portfolio. I have learned the hard way that this type of debt level can put me in a financially embarrassing situation. Looking back upon FLM's balance sheet, the company has rarely used cash to reduce debt but always for expansion. I would need to see a focus (not words but actions) on paying down debt, insider buying of common stock, resolution on customer lawsuits, and an increase in ROE.

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