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

To: Michael Burry who wrote (7902)	7/30/1999 12:08:00 PM
From: jeffbas	Read Replies (1) \| Respond to of 78958

Thanks, Mike. I had mentioned that there appeared to be too many dealers, but this collateral damage is quite troubling. I am still looking with interest at CAV in the $4 1/2 range, where it would be selling at 70% of tangible book, with a yield of 3.5%. It is a point away, but I give it better than 50-50 of getting there. But note below. A very interesting point about the industry has come up on one of the CCs - Champion I believe. The industry may be being adversely effected by the strength in the economy and stock market -- fewer people have to start out at the low end or retire down to the low end, as more can afford the stick-built houses. In my mind it reduces my interest in the industry quite a bit! If they will have business trouble while things continue good and certainly the stocks will have trouble when the market rolls over, it looks like this group might be a whole cycle and many points away from good times for their stocks.