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Strategies & Market Trends : Value Investing

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To: Michael Burry who started this subject	10/9/2003 2:40:19 PM
From: Paul Senior	Read Replies (1) of 78913

Building a small position in thinly-traded MAX. Company provides "a broad range of services to the aviation industry. The Group's operating units include fuel sales and services, cargo operations, fixed base operations (FBO), government contract services." cbs.marketwatch.com The company is losing money and has a fairly high d/e ratio. Stock sells for below what had been (until recently anyway) a steadily-rising stated book value. With a psr now of just .05 there should be opportunities for management to improve operations, return to profits, and see psr numbers closer to the norms of the past few years (.1-.2) This company competes with World Fuel (INT), a company I've mentioned here many times over the past few years. (INT is the company I often contrasted as an alternative to buying QCOM when QCOM was at its highs.) I don't expect MAX to be a repeat performance of INT (although that would be nice). I'd say INT is a little too expensive now for a value stock buy. MAX might turn out to be an okay revision-to-mean stock. I'll just bet the $6.75/sh stock might trade once again above its stated $10.15 book value, maybe sometime within the next 18 months. Jmo, and I've been wrong many, many times.

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