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

To: Paul Senior who wrote (8420)	9/28/1999 10:20:00 PM
From: Michael Burry	Read Replies (2) \| Respond to of 78595

"So I just wonder how and when Mr. Buffett acquired his 363,000 (if the float were only 6.4-5.0=1.4M shares); and I just wonder if Mr. Buffett acquired those CTO shares as a result of the BKF distribution. Which could mean that Mr. Buffett has or had a position in BKF (or he could have purchased after the CTO shares were distributed)." That's my understanding. I'll try to find my reference. Mike

To: Paul Senior who wrote (8420)	9/28/1999 10:49:00 PM
From: jeffbas	Respond to of 78595

On CTO, in a distribution like this there is often quite a bit for sale - which may or may not give a lower price, since Buffett and the company may be buyers.

To: Paul Senior who wrote (8420)	9/29/1999 12:23:00 AM
From: James Clarke	Respond to of 78595

My understanding is that Buffett acquired his CTO shares through the liquidation of Baker Fentress. CTO was down a dollar yesterday and I figured it would be up three today on the "news", but it wasn't. The real question is can we come to any educated guess of what price Buffett paid, given that he bought the shares through Baker. Even better, do a little work on CTO and see if you can see what Buffett may or may not see (if thats a sentence...at least it rhymes). I agree with Buffett (if he really is doing this) that real estate looks VERY VERY attractive now relative to the stock market. But putting your money under the mattress...hell, leaving it in a bag in the middle of Central Park...looks more attractive to me than the stock market today. I looked at CTO a couple years ago, but they were basically an orange grove with a little real estate development on the side. That seems to have changed. Its probably worth another look, but if I were going for real estate I'd probably just buy a high quality REIT with an 8 or 9% yield. And if we're Buffett-watching, just keep in mind the ultimate Buffett stock broke through its 52 week low today. A little insurance company in Omaha. JJC