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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote (7168)	5/17/1999 1:13:00 PM
From: Bob Rudd	Read Replies (1) of 78468

Mike: <<The synergies are pretty blatant. But I can't see justification in the takeover price given the prices of the respective shares just a few months ago.>> Price comparisons are highly dependent on initial time chosen. I used a charting program to peg AG, CSE, & NH to DE [The big kid on the block] 1 year ago. At that time, all three were dancing together for 2 or 3 months...as opposed to a crossover which doesn't usually say much. Fast forward to Friday and there was again a convergence of CSE, NH, & DE though there had been wide underpricing of CSE & NH in the interim. AG is still well under the rest...it hasn't recovered based on that frame. Looking at book: AG is still selling well below book while Case is being taken out at nearly twice book. If AG is bid to just book, that's a 50% jump from here. Scarcity value: How many other global Ag plays are there out there?

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