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

To: James Clarke who wrote (3096)	1/26/1998 11:08:00 AM
From: Madharry	Read Replies (1) \| Respond to of 78574

I have just started to look at this and right away i see that the finance receivables are about 1.7 billion vs. equity of aroung 1billion and that finance receivables doubled from 9/30/96 to 9/30/97. but sales are up 10% ON A QUARTERLY COMPARISION. It looks to me that this is a bit of a pig in the poke and that true profitability may not be determined for years. I assume these are medium term receivables. Has anyone here really looked at the finance portfolio , policies and returns chargeoffs. geographical distribution? This is speculation on my part, but I wouldn't expect to collect on my asian receivables in the near future, and brazil is a potential problem as well, and this is where the sales growth has been in 1997. call me curious.

To: James Clarke who wrote (3096)	1/26/1998 12:30:00 PM
From: Michael Burry	Read Replies (3) \| Respond to of 78574

Looks like New Holland may be a way to play the next emerging markets boom/recovery? In any case, I am having a hard time staying out of the stock - just feel that if I am patient I might get it even cheaper. BTW, VO barely budged today at 33 and change despite Mario Gabelli's table pounding in the roundtable that the stock is worth upwards of $50-60. I guess the way he says everything is worth 10 times cash flow bothers me. Why not 6 or 7? And if 6 or 7, then what's the upside? Maybe the market agrees. Mike