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

To: Paul Senior who wrote (8066)	8/28/1999 4:46:00 PM
From: Michael Burry	Read Replies (2) \| Respond to of 78821

Between WAMU and USG, Nygren is betting very heavily on a continued strong economy. The Carpoint aspect of REY I didn't know about. That will make me look deeper, though I don't know its significance. I use carpoint.com all the time and have introduced about 20 people to it this year, all of whom basically throw away the mags they'd been using to research cars. Wow, looks like Bill Miller was holding Bank One before the crash too. He's been in big in some of the most spectacular crashes of late.

To: Paul Senior who wrote (8066)	9/9/1999 9:52:00 PM
From: John Stichnoth	Respond to of 78821

Paul, Re Partner Re--Just a quick comment. Book value of an insurer or reinsurer is a ticklish thing. They generally don't truly know their results for several years, based on the type of business they book and the length of its "tail". The famous cases include asbestos, breast implants, the Dalkon shield, etc. It was years before the size of those losses became apparent. I am out of touch with what the various reinsurers are covering. But my dim memory is that Partner Re was booking a fair amount of long tail business 10 years ago. Best Regards, JS