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

To: Michael Burry who wrote (3641)	3/25/1998 9:14:00 PM
From: jeffbas	Read Replies (1) \| Respond to of 78543

Mike, not to rub it in, but what caused you to change your mind and sell JBM for a minor loss? Hindsight is wonderful, but you must have seen something that caused you to change your mind.

To: Michael Burry who wrote (3641)	3/26/1998 12:09:00 AM
From: peter michaelson	Respond to of 78543

Mike - been following this thread for some time. but I think it's my first post here. I took a look at JBM. I take today's market value of (round numbers) $125mm less $50 cash for net value of $75. Last year's operating income of $6.0 for a multiple thereof of 12+. Not attractive to me. However, Christmas quarter showed operating income of $12mm. More interesting. Are three quarters of the year money losers, or is income turning around as well? What hold does JBM have on its leases at Sam's? thanks, peter