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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote (2723)	12/10/1997 10:05:00 AM
From: Paul Senior	Read Replies (3) of 78596

Mike: I've owned GNT since the announcement of the adjustment for the prepayed loans. I bought the stock because I believe as they adjust their rates to the market rates, their earnings might actually be intact - as they are saying. GNT is the Big Gorilla in the financing of mobile homes, and is/or could be in RV's too. Competitors are nipping at the Gorilla's elbow (taking bus. away- encouraging owners to refi out of GNT), but I think (have no supporting facts) that the co's infrastructure and customer relationships, size,etc.. will let them overcome this setback. On the other hand, the competitors are hungry and this also is a business IMO where it's easy to misprice and underprice the policies to drive revenue-- then we get big adjustments to past years' earnings. This hurts the entire industry (the underpricer and the companies losing market share) Still, on balance - I am betting on the Gorilla. Uh...easy decision actually---so I must be missing some important knowledge on this one???? --g--.

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