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To: Paul Senior who wrote (3529)	3/18/1998 10:37:00 PM
From: Michael Burry	Respond to of 78515

Ok, it wasn't a no-brainer, but this is: buy it now. This merger is good news, and once the price started falling from its open, a lot of panicked investors who couldn't believe their luck sold, causing it to fall over 4 points from its open. I'm holding this one for the long term still. I'll get my Southdown shares and hold those too. S&P has it on credit watch with positive implications, and says some nice things about it. Thinking of adding a bit myself. Mike

To: Paul Senior who wrote (3529)	3/19/1998 1:53:00 PM
From: Michael Burry	Read Replies (2) \| Respond to of 78515

Paul, I apologize. Yesterday I said buy it now (which was totally irresponsible), and today I just sold half my position. The reason: I still like the company and the merger, but I got carried away. I have a 50% gain in just two months. A rule I have been toying with is: When you buy a stock for discount to intrinsic value, sell 1/2 if the stock gains 50% in less than a year. If it gains 50% in more than a year, evaluate for long-term hold/quality of business. So today, after checking my emotions, I enforced the rule. I sold half my Pacificare and half my Medusa. It's hard to do that to my best stocks -both of which I really like - but that's probably why I should. I now have money for two more positions - my four stock portfolio became a six stock portfolio became an 8 stock portfolio then a 10 stock , now a 12? Pretty soon it'll look like yours. Again, I apologize for the switch. Mike