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

To: Paul Senior who wrote (3106)	1/27/1998 8:58:00 AM
From: Michael Burry	Read Replies (2) \| Respond to of 78572

I just let my subscription expire. Well, it's good to know that "somebody" is looking. Re: GNT they just announced that they will do about 2.50 for 98, rather than 3.45 like the analysts still expect. This tests my rule no. 3 (Beware of over-anticipating the market i.e. wait for the downgrades). We all knew that the analyst number that was still up was full of it, and we all feel that the price has come down as much as it has because expectations have been revised. It'll be interesting to see where the stock ends up today - it trended down over the last several days, and I'm sure the analyst downgrades will come in the next several days. Mike

To: Paul Senior who wrote (3106)	1/27/1998 10:22:00 PM
From: Paul Senior	Read Replies (1) \| Respond to of 78572

Re GNT: Lots of bad news today. Restated 1996 earnings. And oh the lawsuits that'll be forthcoming. Downgraded debt today by at least one agency. At least two brokerage downgrades. The featured negative spread in Motley. Let's see. That'd be every journalist I know of who has looked at this stock or similar (Motley, Mike Burry, and Jim Jubak (6/10/97)) who has concluded, that since earnings are subject to revision so easily, it's not reasonable to put any faith in any of current or future earnings, and the sensible thing to do is to pass by GNT and this ilk. So true. The stock has now hurt almost every long it seems. And I guess that anybody who even gave GNT a second chance is now thinking about or actually getting out - throwing in the towel on this one. So of course -g-, I've bought a little more GNT today.