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

To: Paul Senior who wrote (3451)	3/5/1998 4:35:00 PM
From: Michael Burry	Respond to of 78576

Re: HYDEA/B HYDE is up today on huge volume -g-. Latest SEC 13G indicates that Bill Nasgovitz of Heartland is still buying shares and is up to 28.8% of the B shares. He must have been the only buyer in recent months. Recently the B shares were selling for the same as the A shares. Though I own the A shares, only the B shares get any future dividend, so they are the better buy given the same price. Reviewing the last Q report, backlog was up when most shoe cos except Adidas were reporting down. Saucony is an undervalued asset, and I am moving toward looking at HYDEA as more than a net net, though for now I would still sell at net asset value. The Yahoo thread is all doom and gloom "I'm getting out of this dog but I can't cuz there are no buyers." The way I look at it, they've cut businesses, acquired businesses, and even made a half-hearted marketing effort in the last two years. And they're profitable. My other net-net JBM took off from 2.5 to 4 in short order on a single acquisition announcement. Sometimes it just takes recognition. HYDEA looks like a good private business, but a lousy public one, as someone on the Yahoo thread said. With its float getting smaller, it wouldn't take much for someone to realize that there's no difference between the two and bid the price up. Good Investing, Mike