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Strategies & Market Trends : Value Investing
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To: James Clarke who wrote (4335)6/23/1998 11:13:00 AM
From: Michael Burry  Read Replies (1) of 78740
 
Re: PSO

Thanks Jim for sharing your work on this one. I felt lucky to get into
it in a significant way in the low 6's when you first brpught it up. I feel even luckier to be able to buy more today at 6 3/4. I notice that its run up has attraced some sellers, but I'm willing to buy a company with a 3% dividend and growing earnings up to fair net asset value, and I'm also willing to tuck the shares away. I'm still holding half my Saucony, but PSO is better because:

1)Dividend while you wait
2)historically rising share price
3)assets are more substantial

I like that they have a niche and a brand that shelters it some from competition. Looking at their historical sales, buyers tend to repeat, and they have had some luck in attracting new buyers. I'm wary this Q was a lucky fad, but nevertheless the value you pinpoint has a margin of safety that quells such worries.

Mike
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