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Strategies & Market Trends : Buffettology

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To: Michael Burry who started this subject	10/9/2003 12:36:00 PM
From: Paul Senior	Read Replies (1) of 4690

Fwiw, exiting Shaw Communications preferred today. Div. yield is 8.5%, stock is now callable anytime at $25/sh. Trades today at its high of $25.07. I believe I started buying after initial discussion here last year, and bought it all the way down as it continued to drop. Company financial structure has been hard for me to understand, and their assorted communications businesses and business model - their advantages vs. competitive threats - are nearly incomprehensible to me as well. This is one stock where I was really helped by a belief (rightly or wrongly) of strong institutional support from Buffett types. After all, when this preferred issue was trading at $12-13 with the dividend yield topping 17%, one did wonder if one was crazy ADDING to one's position when that outsize yield just screamed of a bleak and risky future. Paul Senior (Holding a token amount of SJR common still; I'll wait for lower prices here to see if I want to add more again.)

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