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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote (5854)	1/25/1999 9:13:00 PM
From: James Clarke	Read Replies (2) of 78478

Adams Golf (ADGO) - note that you can scramble the ticker to spell "A DOG" - Taken public last fall at about $18 a share. Now trades at 3 5/8, for a market cap of $81 million. The chart looks like Amazon in a mirror. These guys still have the IPO cash on the books. $63 million. No debt. The business made $4 million after tax in the September quarter. So you're paying $18 million for a business that made $4 million IN A QUARTER? Earnings are expected to collapse from here on out (duh!). What's wrong with this picture, and Mike, what are you doing in that highflyer Calloway? :) JJC

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