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

To: Michael Burry who wrote (2789)	12/18/1997 9:08:00 AM
From: Michael Burry	Respond to of 78609

Whoa Nelly. That telecom infrastructure stock ain't that good, and I'm not buying SPCT after all. The stock offering wasn't in the searchable news, but it appears it offered a lot of stock and virtually all its cash is as a result of it. Cash-flow wise there is no stability here and I don't see a margin of safety. Mike

To: Michael Burry who wrote (2789)	12/18/1997 9:43:00 AM
From: Allen Furlan	Respond to of 78609

Posted some info on dswwf (warrant) vs dswlf (stock) on nam tai thread post no 1053. Warrants are trading with very litle premium. Yesterdays close at 4 1/2 times 2 plus 9.05 have intrinsic value of 18.05 for a stock which closed at 18. Doesnt look like comany has any present intent to call since warrants first became callable in February this year. Also about 30 % of the days since becoming callable the warrants actually traded at discount to stock. Since warants are not very liquid an astute trader might wish to initiate a position with a limit order when warrants slip to a discount. P.S. would have posted link but dont know how, any advice on that would be appreciated.