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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote (2401)	11/9/1997 1:42:00 PM
From: James Clarke	Read Replies (5) of 78625

I'm buying more WHX this week and I put my mother into it (I think long and hard before doing that because she makes me feel much more guilty than my boss does if a stock goes down!) The market price is 13 1/4. Book value is roughly $25 and its as real as book value gets. Earnings are about to turn very positive, and with the share count way down from the last time earnings were positive, EPS could be well over $2 a share. Once again, the market price is 13 and change. What that means is that there is somebody willing to take the other side of that trade and sell this stock to me at half of book value. Do they know something I don't? So far all the only negative I have heard is that the steel business is crappy. I know that. And believe me, I have no desire to buy steel assets unless they are being given away. I would love to thank the guy who sold me my first WHX shares at 5 3/4 in April.

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