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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (28005)	5/21/1998 10:35:00 AM
From: Michael Burry	Read Replies (2) of 132070

Re: Midway Games Today they preannounced. I'm a value investor and a contrarian, so therefore this is interesting to me. I see 9 days worth of short volume despite just 15% institutional ownership (though I mistrust these numbers in the wake of the spinoff), decent ROE sans debt, a depressed price due to share overhang from the spinoff. Plus I like the economics of a business that can test out its highest margin products in the real market before investing in advertising. Technically they are a falling knife, down 3 1/2 after a delayed opening. Within minutes, twice the daily volume rushed in to sell. There are rumors on the Yahoo board that insiders bailed, but I can't find it on my sources. I'm thinking that it must be the kids that play these games that own this stock. I'll take .25 with some revenue growth. So I initiated a position at 12 3/8. Am I missing something? You obviously have quite a following so I ignored you for some time, but you're the only other poster on SI that I can see thinking about this one. Good Investing, Michael Burry

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