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

To: James Clarke who wrote (2408)	11/9/1997 9:05:00 PM
From: Michael Burry	Read Replies (1) \| Respond to of 78625

Already bought my WHX this past week. Looks like a great story getting better - good to see corroboration from someone such as yourself. Further analysis on the WHX thread. Mike

To: James Clarke who wrote (2408)	11/9/1997 11:27:00 PM
From: Ron Bower	Read Replies (1) \| Respond to of 78625

James, Not to disagree with you on WHX because BV is likely understated if anything. I feel caution is necessary when referring to earnings. Past earnings have been sporatic and the pre-strike earnings did not indicate major strength. Two factors work against them: most steel companies are not reporting substantial profit growth in spite of not having WHX as a competitor and Wheeling must convince customers to leave current suppliers and come back. Much of the BV was generated thru past earnings and recent sales of assets, not recent year earnings. The stock is definitely undervalued on an equity basis but they are also issuing another $350M of debt that brings their debt to asset level over 50%. I'm not arguing against buying, just urging caution. To quote a post on another thread, 'not to look at a stock with rose colored glasses'. Lot's a luck, Ron

To: James Clarke who wrote (2408)	11/10/1997 7:00:00 PM
From: Ron Bower	Respond to of 78625

James, Ignore my words of caution. I can't control my own irrational exuberance and am a poor one to caution others. You posted a very good piece of investing wisdom last week. I'd like to add something I'm learning the hard way. If you have a loser, get rid of it and put the money to work in something with more potential. I held a turn around company (or so I thought) thru 2 quarters before I was convinced the losses were poor management giving seemingly plausible excuses. Companies with a track record of success can have obstacles to overcome (like a labor strike) but will get back on track. Companies that lose will probably continue to lose. WHX was a profitable company and will be again. They are to be commended for the actions they took during the strike to minimize the impact on shareholders and for holding out against conditions that would have reduced their ability to compete. There is little doubt that the share value will substantially increase as soon as they begin showing profits. I'm just too impatient to make the investment. For what it's worth, Ron

To: James Clarke who wrote (2408)	11/14/1997 3:38:00 AM
From: Michael Burry	Read Replies (2) \| Respond to of 78625

Looks like Nasgovitz over at Heartland Value has been increasing his stake in Hyde Athletics from 16% to almost 25%. edgar-online.com Good Investing, Mike

To: James Clarke who wrote (2408)	11/14/1997 12:34:00 PM
From: John Langston	Read Replies (4) \| Respond to of 78625

James: Is the reason noone is responding to my note about the book BUFFETOLOGY because Warren is considered to have "departed from the value fold" by embracing Fisher's methodology? After finishing the book, I'd say he's gone further than that. Still. . .his valuation process has a distinct value flavor. Just wondering if Buffet is an anathema to the regulars on this thread. He is certainly unappreciated by most of the investors I talk to on other threads at this site. Thanks. . .John