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

To: valueminded who wrote (8120)	9/1/1999 10:55:00 AM
From: Michael Burry	Respond to of 78817

I was on call last night and got quite a bit of time to review ORI. Bought an initial average-sized position this am at 15 5/16. The high for the day so far. The biggest con I see is a potential downturn in real estate, but geez hasn't every homebuilder, S&L and title insurance company worth its salt been beaten up to reflect this? ORI seems like it just would have a private market value higher than its public one. Bigger con is it really doesn't have a base. I'm breaking a rule there; we'll see if I pay for it. Usually I do, and then chock it up to "it's cheaper than an MBA." Retailers: I'm loading up. This is one of those sectors that meets my "potential exuberance criteria." It is easy to envision a marked increase in multiples in addition to earnings growth. Got Ross Stores last week. Got Bebe (i know, i know). JCP's on my list. Mike