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Strategies & Market Trends : Value Investing

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To: Jurgis Bekepuris who wrote (4457)	7/23/1998 2:57:00 PM
From: Michael Burry	Read Replies (2) of 78702

Re: ELY,ASYT, WWW I take another look at ELY every so often. Those inventories and AR numbers are just atrocious. The PE will expand as earnings crumble, and, like Nike, is another case of 3-4 boom years the may or may not be repeated. Too much risk for me, a la Nike. I took a small position in ASYT today when it hit 13 again. There's a DLJ reiteration of market perform with drastically reduced estimates. A shoe company that I would keep an eye on is Wolverine World Wide (WWW). It's been in a freefall since announcing earnings a few days ago. Wolverine is more of a "behind-the-scenes" brand, and may have more reproducible success than some of its shoe/apparel industry cohorts. I see great business economics in its cobranding strategies. Good investing, Mike

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