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Strategies & Market Trends : Value Investing

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To: Lucretius who wrote (3692)	3/30/1998 11:01:00 AM
From: Michael Burry	Read Replies (3) of 78652

Re: HMAR It seems in value investing, one can often ignore bad business economics if one knows how to identify the going rate for dogcrap and pay half that. Reducing costs and paying off debt can make even dogcrap realize an intrinsic value higher than the market price - granted, this is not a Buffett approach but a Graham one, and the holding period should be appropriately shortened. Hvide appears on its way down. If it retests its last low at 15, then we're paying 1X book and sales and just about 10 X earnings for a profitable business, giving us a 12-15% ROIC vs. <10% if we bought above 20. That looks like a half-price sale to me, and is attractive to me even if it is dogcrap. Mike

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