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Strategies & Market Trends : Value Investing
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To: Michael Burry who wrote (1813)8/28/1997 9:49:00 PM
From: James Clarke   of 78764
 
Ispat

I don't know what the stock has done in the aftermarket, but it looked pretty fairly valued at the IPO. Management is brilliant. They are deep value investors themselves.

Be very very careful with multiples on this one. They have something called "negative amortization". Don't ask how, but it is a non-cash reverse charge. i.e. it makes earnings look MUCH higher than they are. Make sure you really scour a prospectus before you buy this one because it looks cheap on P/E or price/book. That said though, it is a fascinating business, and probably worth a look.
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