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Strategies & Market Trends : Value Investing

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To: Zach E. who wrote (4541)	7/30/1998 5:36:00 PM
From: Michael Burry	Read Replies (2) of 78705

If I could invest anew, one of the first places I'd put it is NH. Unfortunately, I'm fully invested in a lot of other stocks that are also down 25% or so, so I can't. I envy you that you're discovering it now. I must admit I am considering liquidating Timet to buy more NH and JOE. Focus on the cash flows, and figure what those are worth to you even with no growth. Discount them back to the present and you'll see why it is a value. Don't forget to add in debt when comparing the discounted value to the present value. The way it is now, growth is gravy. I like Agco too, but NH is better for value investors due to its more conservative balance sheet. There is a margin of safety. Also note that these are cyclicals. But only a Chinese devaluation could make Asia worse, and if NH is turning in its current numbers during such a downturn, you gotta imagine that when times are booming, NH will rock. Sweet gravy. Good investing, Mike

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