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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (7384)	6/5/1999 12:39:00 AM
From: Michael Burry	Read Replies (2) of 78632

Just throwing out some recent stocks catching my eye: CKE (CKR) is sitting at about 13 and pennies. Carl's Jr. is the most profitable burger joint around, but Hardy's is dragging them down. Converting to the Star Hardy's format is helping, but the conversion will take time. I see some short-sighted shareholders, and a cheap stock at just about 3X cash flow, albeit with a good helping of debt. I know they'll pull out of this. Haven't bought yet (i'd like to see some insider buying) Adams Golf (ADGO) is sitting at about 3 and has a chunk of cash. It rode a fad of sorts, but I just bought a Tight Lies so obviously I feel there is value there. A lot of cash and NO debt. There's a good golf mind there in the CEO. The new drivers line will probably have a good run. In any case I see minimum downside short of a takeunder by management. Maxtor (MXTR) I did buy recently at 5 and pennies. This company is also cash rich, with minimal debt. Has remained profitable, and management says it expects to remain profitable. But it's been taken out and shot with the other DD makers. I know DD are not a good business, but Maxtor's efficiency statistics and inventory/accounts receivable turns are great. Closely tied to Dell. I did recently nibble on Disney due to what I see as huge potential to milk free cash out of that company once it gets good management. Paul's Fruit of the Loom (FTL) and Schlotzky's (BUNZ) also tempt me but I'd take CKE over BUNZ as a restaurant play. Washington Mutual (WM) is a major bank with a lot of intangible book value that to me seems undervalued if we apply Graham to the balance sheet. They're infiltrating my neighborhood and taking business from competitors. Earning 20% on inflated equity. No position yet myself. Fresh Del Monte (FDP) looks like it is starting to fly, as is National RV (NVH). I still maintain Tidewater and Deswell are true blue core value holdings (I do own both). Homestake Mining (HM) was recently mentioned here and caught my eye. It and gold both recently made decade-old new lows. It'll be interesting to see how low they go. Evidently HM is relatively conservatively financed and a low-cost producer that will be around if gold ever recovers. Anybody know anything about Autodesk (ADSK)? At historic lows on a ratio basis. I missed Adobe when it looked like this. Good investing, Mike

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