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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote (4594)	8/4/1998 3:19:00 PM
From: James Clarke	Read Replies (2) of 78685

Take a deep breath, Mike. This is a gut check for everybody. Our institutional portfolio is getting creamed too. I put a stock in there a month ago which has already lost our poor clients about $5 million. Does that make you feel better? It really did seem like a good idea at the time... I'm sure there are plenty of buy ideas out there, but one I actually bought today is LaSalle Hotels (LHO). Busted REIT IPO taken public about three months ago at 18. Its about $14 a share now. Pays a dividend of $1.50, for a 10.7% yield. And there is really nothing wrong with it. Just a very unpopular sector these days, and a small unknown name in that sector. But its properties are decent quality and management is honest and has bought shares since the IPO. I also believe that at some point in this decline people are going to start thinking about dividends agin, then you'll see a REIT bounce. Otherwise, I just bought 18 or 19 dollars worth of property at a 25% discount, and I get paid 10.7% to wait a while. Well, its better thn yesterday. There are only 8700 points of downside left in the Dow. Yesterday it had 8800 points to fall, so I guess we should all be feeling relieved.

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