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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote (6352)	3/19/1999 11:06:00 AM
From: John Stichnoth	Read Replies (1) of 78486

MB--FWIW, Clayton Homes is in Value Line (which I wouldn't have thought), and is presently rated a 2 for timeliness. The stock has been a dog since late 1995, even though EPS has been marching steadily ahead. Presumably, there is a negative effect from lack of visibility of future earnings/chances of an industry slowdown. In the long run that will certainly happen, but "In the long run we are all dead"--JM Keynes. I looked at them last year and held off mainly because of the industry reputation for sloppy accounting and control. I have no reason however to think one way or another whether CMH is guilty of anything in this regard. And at some point I have to give more credence to their numbers as they continue to post good ones. Continued investment to drive internal growth seems to be built into their business model, which is good. Receivables are up in the last year, and seem high relative to peers--but I wonder if that relates to something they are doing that others aren't. DD is needed. Inventory seems to be in pretty good shape, which is promising. If you find out anything about the receivables, please let us know. This looks interesting. Best, JS

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