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To: Michael Burry who wrote (270)11/25/1997 6:17:00 PM
From: men mailman  Respond to of 2068
 
Short interest declined to 2.3 mil from 3.6 or a decline of 1.3 mil. shares.

It indicates that the shorts are not taking any chances. Although this proves that the shorts don't see much money being made on the downside. I would have been happier if the number actualy rose.

P.S. I continue to be puzzled as to the amount of shares being traded at these levels. There are only 79 mil shares so from where do you get 3 or 4 or even 2.5 mil shares per day. There is obviously a great amount of holders not selling and buyers for long term at these levels who do not sell. You may want to conclude that the true volume may be only 1/4 or less of the print and the rest is rolling by market makers.

Market maker inca had a lot of shares to sell last few days I wonder whom he is selling for hmm hmmm.



To: Michael Burry who wrote (270)11/25/1997 7:09:00 PM
From: Joshua Wolf  Read Replies (1) | Respond to of 2068
 
ROE decomposition:

96 95 94 93 92
Profit Margin 0.06 0.05 0.12 0.09 0.09
Asset Turnover 2.28 2.90 2.41 1.89 1.47
Leverage 2.25 2.77 2.48 1.82 1.60
Interest Burden 1.00 1.00 1.00 1.00 1.00
Tax Burden 0.58 0.57 0.56 0.57 0.58

ROE 17.1% 24.7% 40.4% 17.5% 12.1%