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To: Michael Burry who wrote (8876)11/3/1999 10:03:00 PM
From: James Clarke  Respond to of 78625
 
<<Whenever I see a high ROE that appears sustained, I need to identify the moat before I get too comfortable. If the barrier isn't there, then that high ROE should be a warning sign.>>

Couldn't agree more. Very well put. I forgot to mention that both on my net-net screen and my high historical ROE screen I reject over 90% of the names in less than 30 seconds each. I am looking for exactly what Mike is thinking about. High ROE and a clear reason why.