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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote ()	4/30/1999 8:42:00 AM
From: Dan Meleney	Read Replies (5) of 78715

SVIN Scheid Vineyards as an asset play. Paul Chapman brought this one up on the Buffett thread. I'd looked at SVIN before, but passed since I think too much of the wine industry is run for love of wine instead of profit. But Paul pointed out that the planted land they own is so far undervalued on their books that the company's liquidation value far exceeds the market cap. Warts: Wine industry Top three execs share last name: Scheid Wine industry Risk of lower priced grapes from Chile and Australia Wine industry Beauty: Cash + Land Value - all Liabilities > market cap Profitable even in a weak growing season. P/E around 10. Dan

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