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Strategies & Market Trends : Value Investing

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To: James Clarke who wrote (2805)	12/19/1997 2:23:00 AM
From: Michael Burry	Read Replies (1) of 78744

James, Re: SJP I've been watching it closely - it's been near the top of my list, but I'm always waiting for it to get a little cheaper and a little cheaper and a little cheaper... Now it's falling on very high volume. Due to the 4 million share offering by the majority holder? If I'm reading it right, all this will do is increase the float, along with that 3 for 1 stock split. An attempt to increase institutional ownership over that 20% hump? Is the market reading this as dilutive and hence dumping shares for no reason? At 90, I'm oh so very tempted. However, I started cashing out of many of my stocks (85% to be exact) in November because I have big fears about the effects of Asia's cheap currency on US multinationals, the flood of cheap imports competing with US companies, and hence the market. A time of great opportunity for the value investor may be at hand, and I don't want to squander a cent prematurely. I'm pretty sick of prospecting for poor businesses at cheap prices during a roaring bull and look forward to buying great businesses at discounts during a true bear, even if it is a modest one. But it's worth 150? I look forward to your analysis. Mike

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