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

To: Michael Burry who wrote (2656)	8/31/2000 1:12:32 PM
From: Freedom Fighter	Read Replies (1) \| Respond to of 4690

Mike, Warren held some UST a long time ago. (as did I) I stopped paying attention to it after I sold my own shares. (after a couple of years are going sideways it got called away from me.) Are we sure the current position is new? Is it possible it was on his hidden list for awhile and is now just resurfacing? Wayne

To: Michael Burry who wrote (2656)	9/1/2000 5:31:47 PM
From: James Clarke	Read Replies (3) \| Respond to of 4690

<<A while ago, we were talking about ANF being the next GAP. Well, let's hope not. >> At the time (early May I believe) Gap was trading at about 30 times earnings and ANF at 7 times earnings. I believe I said they should trade at similar multiples, and now they do. The single biggest problem with Gap stock is that investors paid too much for it. It is still the same company it was six months ago. Likewise for ANF. I don't think I made a double on that because fashion trends changed. I think I made a double because I bought it at a throwaway price. I think Gap may be attractive around here, maybe a little lower. Any takers yet? I still haven't sold a single share of my ANF, and don't intend to anytime soon. This is a classic example of why value investing works.