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Strategies & Market Trends : Value Investing

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To: James Clarke who wrote (7221)	5/26/1999 4:09:00 PM
From: Michael Burry	Read Replies (1) of 78631

FWIW, I did liquidate a REIT position and my CPU position to take a fairly large position in Case today as an arbitrage play. My reasoning is that the shareholder vote is a lock, which takes out one of the big uncertainties in arbitrage situations. It is doubtful that there will be an antitrust case made, since even combined there are other heavy equipment players just as large (DE, CAT). Fiat looks like it has the capital to get the deal done. I just think that Case has much less risk in it than the current 7 point spread indicates. I was waiting for sub-48, and got my shares at 47 15/16. Especially with interest rates moving like they are and the market at scary highs with no leadership, I'll take it. Can't believe my eyes: SCNYA and SCNYB in the high teens. Mike

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