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Strategies & Market Trends : Value Investing

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To: Mike 2.0 who wrote (6870)	4/22/1999 4:28:00 PM
From: Bob Rudd	Read Replies (1) of 78516

Mike (My opinions only): Borders, I raised the issue of the 900 mall stores. Looking for shorts that might be adversely impacted by Net competition...the mall booksellers looked to be in the target zone. Not just the net, but superstores, mass-merchants (Best sellers @ discount), and really sharp independents are pulling biz away from these high-cost, nuthin special mall booksellers. Considered shorting Borders for this reason at higher levels..but got distracted by other issues. Borders closed more than they opened last period...they're going to have to close more IMO and there's gonna be costs associated with it. This is probably what the street is pricing in. Without these, if it was just the superstores at present value ratios I'd jump on Borders bandwagon...the superstores are great. CEO resignation: They're paying the guy $3 million (according to the release 4 cents a share is the expected hit) just to go away. You kinda get the idea they considered him a real liability for some reason....

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