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

To: Michael Burry who wrote (2710)	12/10/1997 12:30:00 AM
From: James Clarke	Read Replies (3) \| Respond to of 78535

Oxford - I was on the road today, so I hadn't read the latest news when I posted my thoughts on Oxford ten minutes ago. I'll stand by most of it, but I deserve what I get for posting a "holier than thou" post without being up to date. Mea culpa. Thanks Mike for notifying me of the new developments - I didn't want to sleep tonight! My read of it is that there is a lot of new information. I don't worry about non cash charges unless they tell me something about future cash flows. The admission that government payments for Medicare don't cover costs was astounding to me. You've got to be an idiot to lose money in that market. Congress has given the HMOs a virtual licence to steal. But the last paragraph of the news release was very positive. One of the big concerns is that Oxford would have to restate past earnings. KPMG's blessing of their past financials is a dodged bullet. That's value investing. A company tells you that the past financials were correct and you consider that a positive.

To: Michael Burry who wrote (2710)	12/10/1997 1:16:00 AM
From: Michael Burry	Respond to of 78535

Re: Microsoft Investor Buffettology review I reviewed Buffettology for Microsoft Investor; it is available now on at investor.msn.com. It provides a 5 year version of the spreadsheet available at my web site, and it lists some stocks that came up in a screen, as well as detailing the major calculation of Part II of the book and reviewing the book's qualities. Good Investing, Mike

To: Michael Burry who wrote (2710)	12/10/1997 6:14:00 AM
From: Thomas Haegin	Respond to of 78535

Re: Only 200m left before Chapter 11 Mike, << IMO, OXHP has about another $200M to give before it starts getting in trouble in the bankruptcy sense. ... just two days ago major benefits consultants were saying providers were not fleeing and we should still expect 20% enrollee growth, >> Couldn't it be that the consultants coming forward only two days ago change their mind about OXHP financial strength now, as we do, and will not recommend them to anybody anymore? The problem is, in my mind, that they based their interview opinions on the "old" information.of 2 days ago. The $164m charge is new stuff for all of us and more charges or higher reserves looming/neccessary for non-NY, if I am correct with an earlier post. For now, I will hold on my position, I'm down about 20%. But I lean toward selling and getting over with it. I admit having switched 180 degrees from a "They are good and will come back" to a "Show me!" approach on OXHP. I'm definitely not going commit more money until I see better newx. The outlook is just murky, credibility zero right now, IMO. Yes, the good thing is that WS is so negative. But that's about the only positive I see. Thomas