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

To: Paul Senior who wrote (8182)	9/9/1999 1:11:00 PM
From: Michael Burry	Read Replies (2) \| Respond to of 78837

Paul, still in FTL? Got an assessment of the situation, er massacre? Just getting interested, but can't see any way to get around the warning that they might violate their loan covenants. Hence no margin of safety. Mike

To: Paul Senior who wrote (8182)	9/9/1999 7:14:00 PM
From: Shane M	Read Replies (1) \| Respond to of 78837

Paul, on TSG - I'm interested in a long term hold. I don't see this as a value investment at all, but instead as a Buffett/GARP. It's one of those that's starting to look good to me, but like Mike B and I discussed earlier - when stocks like this seem to come into valuation range - well it's sometimes an indication that something bad behind the scenes is going on that's yet to be priced into the stock. The CEO leaving is indication of something _potentially_ being amiss, but I'm keeping a close eye. I think in any event a CEO leaving will scare off enough investors to limit upside for a while. If the story blows up, it might provide a compelling buy. Shane