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Strategies & Market Trends : Bear!
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To: Alex Greenland who wrote (13)4/27/1998 2:25:00 PM
From: Michael Burry  Read Replies (1) of 271
 
Today's a great day for seeing which stocks are vulnerable
and which stocks are fairly resistant to a sell-off.

Jones Medical is holding up well today at 29 1/2-30. I still
wouldn't buy it until around 25 (which makes it around 20
in enterprise value given its cash holdings, giving you a
quality up and coming pharm at a significant discount). Drugs
are relatively resistant to bearish sentiment.

Phillip Morris and US Tobacco are both trading down significantly,
and both now offer high yields - >4% and >5% respectively.
These really should be rather recession/bear resistant, but
if the market hits them anyway, it just gives you a better yield.
Especially MO has a low payout ratio given the size of the
dividend.

Mike
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