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

To: Michael Burry who wrote (3076)	1/19/1998 8:16:00 PM
From: Stewart Whitman	Read Replies (1) \| Respond to of 78594

Anyone have an opinion on Loewen Group (LWN)? Last year there was a buyout offer at $US 45 by Service Corp. Intl. and the stock now trades at $21. It's trading at a signficant discount based on P/B compared to other funeral service companies. I have read that Service Corp. remains open to re-opening merger talks and that fund managers claiming to own as much as 40% of LWN have been putting pressure on the company to re-open talks. In any event, it would seem to me that the company is worth more than its current value. Stew

To: Michael Burry who wrote (3076)	1/19/1998 10:50:00 PM
From: James Clarke	Respond to of 78594

re: Amerco (aka U Haul) I agree with Michael. The Barrons number was too high. I think the assets are probably worth 35 as is, maybe 50-55 under sensible management, which is not the case now. Now that the stock is down again, its probably a buy, but I will not get too excited until I see management either doing something different or stepping aside. Having done thorough research and deciding to stay on the sidelines, my dream scenario would be that they put the company up for sale. The stock would probably jump instantly to 33-35, so I'd miss that gain, but that is when it would really be a steal, because you would probably see 50 within six months. But if I had a lot of cash, I'd probably buy it now. I just think there are better ideas out there.

To: Michael Burry who wrote (3076)	1/20/1998 7:41:00 PM
From: James Clarke	Read Replies (1) \| Respond to of 78594

Go St. Joe! It was at 90 three or four weeks ago. Then they had the three for one split to 31 last week. Today it hit 36 1/4. I am down in Florida this week on a real estate REIT tour asking a lot of questions about St. Joe. I like what I'm hearing. This puppy is going to 50 - and I don't think it will take long. You heard it here first. You heard it here 20% lower too. (SJP)