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

To: Michael Burry who wrote (10358)	4/16/2000 5:00:00 PM
From: Archie Meeties	Read Replies (1) \| Respond to of 78516

The first phase of the energy cycle is still underway, although most of the very inexpensive stock is long gone. If you're still interested in the e&p side, the bargains remains in Canada and elsewhere. Talisman, Petrocanada, ENI all are still undervalued. There remains some laggards among the OSX and kin, of which I like FGH, PGO. FGH has a book value north of $6, so at Friday's close of just over $6 it's pretending that future investment in oil exploration will not exist. PGO is interesting because of it's holding of SPNX. I think tech has a long way to go until I'm interested.

To: Michael Burry who wrote (10358)	4/18/2000 5:57:00 AM
From: cpabobp	Read Replies (1) \| Respond to of 78516

Mike, I'm a long time listener to your plays, and a recent addition to SI as well as a first time poster. Your TSG buy (if you actually bought yesterday) intrigues me, and I don't think I quite understand your reasoning. Here's what I see, let me know what I'm missing: The company is the leader in the travel agency software business. Their financial ratios are all very nice, except price to book seems a little high, but can be lived with. But, they recently lost a sale to AAA (arguably one on the larger travel agencies in the country) which switched from mixed systems to one called Apollo. And because of the internet, many consumers are trying to make travel plans by bypassing traditional agents. What are they doing to embrace the internet? Maybe they are already there? I would also tend to believe that consumer travel may be curtailed a little bit with airline prices so high (although I'm not sure what % of travel is consumer vs business). It also seems a bit risky jumping in days before their earnings announcement. I think I will hold off from this one until it shows a little more stability. Also, I'd like to extend thanks for the JBX pick, I got in a little after you did at 20 7/16.