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

To: Q. who wrote (8802)	10/29/1999 12:43:00 AM
From: Q.	Respond to of 78476

FWIW, here are the 86 stocks I found under 66.67% of net-net, excluding those with debt/equity > 0.5 and market cap < $2.5M I haven't done the manual task of weeding these according to actual market cap. Market Debt marketcap TICKER NAME workingcap LTDebt Cap Equity netnet IMUL ImmuLogic 31.36 0.00 3.83 0.00 0.12 OLCMF Olicom A/S 72.15 0.00 10.06 0.00 0.14 MSHI Man Sang H 35.00 3.13 5.12 0.22 0.16 MPAA Motorcar P 86.19 25.07 12.50 0.36 0.20 HRSH Hirsch Int 53.28 17.66 8.83 0.27 0.25 LWN Loewen Gro 166.95 42.22 32.47 0.13 0.26 PMRP PMR Corpor 49.47 0.25 13.96 0.00 0.28 LECH Lechters, 155.90 53.24 29.88 0.42 0.29 QSYS Quad Syste 20.13 1.29 5.55 0.17 0.29 LJPC La Jolla P 15.40 0.07 5.04 0.01 0.33 CERB Cerbco, In 20.90 0.07 7.13 0.02 0.34 SEVN Sevenson E 58.56 2.29 19.96 0.03 0.35 SCCO Smith Coro 9.27 0.00 3.53 0.00 0.38 IREX Irex Corpo 24.07 0.00 9.18 0.00 0.38 RTRO Retrospett 9.43 0.00 3.72 0.14 0.39 DIYH D.I.Y. Hom 19.69 7.73 4.77 0.21 0.40 SDCOZ Spiros Dev 94.96 0.00 37.95 0.00 0.40 TRCW TransCor W 16.58 0.32 6.53 0.18 0.40 ITEX ITEX Corpo 8.36 0.17 3.31 0.00 0.40 SECX SED Intn'l 45.19 8.70 14.91 0.16 0.41 MAII Medical Al 15.89 0.02 6.72 0.01 0.42 WKGP Workgroup 16.17 0.00 6.95 0.00 0.43 EZM.A E-Z-EM, In 50.19 0.46 21.69 0.02 0.44 FIMG Fischer Im 15.76 0.45 6.81 0.26 0.45 CRSC Celeris Co 8.95 0.00 4.06 0.00 0.45 EEI Ecology an 30.04 0.52 13.48 0.01 0.46 IOI Integrated 8.84 1.79 3.25 0.09 0.46 RAGS Rag Shops, 17.89 0.00 8.25 0.00 0.46 AIII Autologic 28.64 0.00 13.39 0.00 0.47 PRTW Printware, 14.24 0.00 6.73 0.00 0.47 LIBHA Liberty Ho 31.70 0.00 15.34 0.00 0.48 TCCO Technical 7.25 0.00 3.53 0.00 0.49 JAWS Great Whit 7.35 0.00 3.59 0.01 0.49 CIST Cistron Bi 10.94 0.00 5.45 0.00 0.50 AMTA Amistar Co 11.16 4.49 3.34 0.31 0.50 CMND Command Sy 19.60 0.00 9.81 0.00 0.50 TMTX Temtex Ind 14.19 2.00 6.26 0.11 0.51 BHC BHC Commun 1371.40 0.00 712.90 0.00 0.52 GISH Gish Biome 13.94 0.00 7.33 0.00 0.53 NICH Nitches, I 5.43 0.00 2.86 0.00 0.53 JLN Jaclyn, In 15.07 0.00 7.97 0.11 0.53 WYNT Wyant Corp 9.86 4.77 2.70 0.44 0.53 MAENF Miramar Mi 63.75 0.00 34.58 0.00 0.54 SLNT Salant Cor 57.55 0.00 31.25 0.00 0.54 GRCO Gradco Sys 15.22 0.00 8.27 0.32 0.54 MTIN Martin Ind 32.32 6.01 14.45 0.21 0.55 NSTK Nastech Ph 20.27 0.00 11.17 0.00 0.55 AWX Avalon Hol 29.09 0.00 16.32 0.00 0.56 BNTL Bentley In 6.18 0.00 3.47 0.00 0.56 FARL Farrel Cor 16.78 3.13 7.72 0.19 0.57 BASEA Base Ten S 9.11 1.35 4.39 0.16 0.57 KWND Kenetech C 38.47 0.00 21.82 0.00 0.57 TCPI Technical 11.54 0.00 6.59 0.00 0.57 VCOM Vitalcom I 17.72 0.02 10.13 0.00 0.57 TKGFA Tekgraf, I 11.66 0.00 6.73 0.09 0.58 PTZ Pulitzer I 610.28 0.00 352.81 0.00 0.58 TCSI TCSI Corpo 49.91 0.00 28.92 0.00 0.58 JLNY Jenna Lane 7.01 0.85 3.63 0.13 0.59 PDKL PDK Labs, 27.35 2.29 14.75 0.12 0.59 PBFI Paris Corp 11.56 0.00 6.89 0.00 0.60 TIII TII Indust 18.15 1.95 9.68 0.08 0.60 SPA Sparton Co 68.58 0.00 41.10 0.00 0.60 ATPCC Athey Prod 9.45 0.00 5.71 0.39 0.60 HICKA Hickok Inc 8.28 0.43 4.75 0.09 0.60 WSTNA Roy F. Wes 41.68 9.79 19.65 0.29 0.62 IDG Industrial 89.91 51.69 23.55 0.46 0.62 HOLX Hologic, I 87.51 0.00 54.01 0.01 0.62 ENV CET Enviro 4.57 0.12 2.75 0.35 0.62 ATEA Astea Inte 45.30 0.39 27.89 0.01 0.62 WRLS Telular Co 21.02 0.00 13.09 0.00 0.62 IOMT Isomet Cor 6.48 0.28 3.86 0.09 0.62 SLTI Surgical L 5.23 0.08 3.21 0.30 0.62 ESCP Electrosco 4.26 0.00 2.69 0.00 0.63 DAIO Data I/O C 16.92 0.00 10.70 0.00 0.63 LAEN Latshaw En 17.97 5.03 8.20 0.25 0.63 DATA DataTRAK I 37.47 0.00 23.89 0.00 0.64 MRI.A McRae Indu 21.40 5.40 10.22 0.20 0.64 SPOR Sport-Hale 27.09 0.00 17.35 0.02 0.64 PERS Personal D 6.35 0.00 4.08 0.00 0.64 IHHI In Home He 16.36 0.01 10.62 0.01 0.65 ISTN Interstate 40.60 0.00 26.56 0.00 0.65 LAKE Lakeland I 12.71 0.00 8.32 0.00 0.65 SEEC SEEC, Inc. 30.93 0.00 20.48 0.00 0.66 AVCS American V 17.55 2.18 10.18 0.09 0.66 FRDM Friedman's 124.51 0.00 82.62 0.25 0.66 ISRL Isramco, I 16.32 1.21 10.07 0.07 0.67

To: Q. who wrote (8802)	10/29/1999 3:59:00 AM
From: Michael Burry	1 Recommendation Read Replies (1) \| Respond to of 78476

D, Good observations. I did indeed set the minimum market cap at $2.5 million. I changed the web site to reflect that error. I used 1) Market Cap < (NWK * 2/3), where NWK is CA-CL 2) Total Debt/Equity <50 This gave me an exportable list of 99 names and values that I could put in Excel and work with. Then I manually entered restricted cash, long-term debts, long-term liabilities, and minority interest, and subtracted all that from the NWK value to give a new column, net net value. Given that I was going to have to manually check the market caps and share amounts anyway, I figured this was feasible. Doing it your way - figuring out the LT debt variable with a user-defined formula - is a good short cut, and in fact Graham's formula really just uses LTD. I take it a step further. So your net is bigger, and hence you catch more fish. A lot of the valuations changed in a big way when I looked at the true liabilities and true market caps. I eliminated several that were not currently reporting, or had unreliable data. Nearly 30 turned out to have MK/NN ratios greater than 1. I would not be surprised if your method turned out to be the best quickie way to find net nets on the net. The extra time spent screening your extra fish may be less than my extra research time. Good investing, Mike