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

To: James Clarke who wrote (9740)	1/26/2000 12:45:00 AM
From: Michael Burry	Read Replies (1) \| Respond to of 78507

"What you have to worry about is if you are leasing space for $20 in a $10 market. I don't think that is what we are dealing with here. " I'm not so certain we aren't. That danged internet, don't you know! In any case, I believe Graham would count the liability of operating leases as real. And I'm not going to rely on an investment hypothesis that says they are actually assets, especially not in a net net! In any case, I do see corroborating value in other aspects of the business. Mike

To: James Clarke who wrote (9740)	1/26/2000 1:42:00 AM
From: jeffbas	Read Replies (1) \| Respond to of 78507

Thank you, James, for helping with this issue on EBSC. If I understand you correctly, you are saying that this potential off balance sheet liability may or may not have any value, and could conceivably be an asset -- and that you do not believe that it is a material issue affecting our original analysis and decision. What do you thinks the chances are for an "event" of some sort giving us a positive discontinuity in the price?