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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: James Clarke who wrote (7645)	7/1/1999 2:13:00 PM
From: Michael Burry	Read Replies (1) \| Respond to of 78774

Today I dumped my Borders. A lot of insider selling hit the fan in early andmid -June when my mind was on other matters. Since part of my buy was predicated on insider buying with a major stock that had been cut in half, I had to adjust my view of the stock and get out. Similarly, having assimilated Fiat's announcement that the CSE/NH deal will close by October (implying by October 1), my return calculation for that particular arbitrage is changed drastically. Inexplicably, after running up on the news, the stock has fallen back once again. I more than doubled my position there today. The annualized return adjusted for risk now looks above 35% to me. There some bad juju in the air this midsummer. Just feel it in my gut, but not taking any drastic actions on it yet. Mike