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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote (3011)	1/12/1998 10:59:00 PM
From: Paul Senior	Read Replies (2) of 78673

Mike, James Clarke: re REITS, ALEX, TPL. Fundamentals are iffy IMO (but of course I've been wrong on this sector). I think with some of these REITs, since valuation is so site specific, it's tough to analyze the content of a REIT's portfolio. For example REITs with shopping centers all over the midwest or entire country. Here I'd have to go with the record of management and history of the REIT- and the records of some (e.g. GGP) look pretty good. As far as land and buildings being in prime areas being so valuable, I just wonder. Already I'm buying hundreds of dollars of books from Amazon, and I've started buying CD's on-line too. Just anecdotal evidence (the worst kind sometimes -g-), but still the cumulative effect of the Net could be to reduce pressure to purchase real estate - some retail real estate anyway. You have had good luck with Tejon. Maybe another Marty Whitman special -- his fund owns Alexander and Baldwin (undervalued land in Maui) is for you. Texas Pacific Land is a big landowner with oil leases, also undervalued by some alleged experts. Paul

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