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

To: Ron Bower who wrote (3703)	3/31/1998 10:26:00 PM
From: Michael Burry	Read Replies (2) \| Respond to of 78525

Ron, I just bought tech stocks, ironically. I bought Broadway & Seymour (BSIS, 500 shares at 7 3/4), Applix APLX(600 @5 5/8) and MapInfo (MAPS, 300 @ 11 5/8). I did this this past Friday. They are all small software stocks with loads of cash, near historic ratio lows and ratios well below their industry norms. If you add them up, they amount to one full position in my Lancelot portfolio. Though I would normally take a larger position in one stock, like BSIS, and I know three does not diversification make, I am taking small positions as a possible prelude to larger positions. IMO, small software stocks are in their own severe bear market now. BTW, Microsoft Investor has an awesome screening tool, and it's just 10/month. I know I work for them, but I really believe it's a great investor asset. BTW 2, ELAMF is up today on twice normal volume. Mike

To: Ron Bower who wrote (3703)	3/31/1998 11:34:00 PM
From: Kent J. Davis	Read Replies (2) \| Respond to of 78525

Ron, I'm glad you took the hit early TSEMF; it is so easy to jump on these value stocks too early. Once they drop below book ( what I call the inversion point) it is as if the ship has capsized. It can take even the best of managements a long time to get things straightened out. Taking losses to me is a good sign that they realize that they must trade at a premium to book in order to avoid liquidation. There will be a time to buy TSEMF, and it will probably get very cheap. Do you have any others trading at a significant discount to book and with debt to equity under 30%? I had AWII but they are being acquired and I need a new parking place. Thanks Kent