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


To: Paul Senior who wrote (3773)4/8/1998 1:36:00 AM
From: Michael Burry  Respond to of 78530
 
Re: Swisher

What can I say. The market really really hates cigar
stocks. I have full position at about 14.5 in one account and
I'll open a full position at 11 in another account if I can resist
the urge to pour more money into Telebras. The market is
treating Swisher like a tech IPO when it's a 110 year old
operating business with 20-30% ROC. It's now well below its IPO
price and the price of previous insider open market buys. Not
worried here.

Today was my worst day since October, down 1.91% with
only 3 stocks breakeven to up - HYDEA, ALR, and BMC,
the former two of which are arguably the doggiest stocks
in my portfolio. Got creamed for nearly a 10% fall in BSIS
today - though on half normal volume. Even mighty Pacificare
took a 2% step back.

I can't believe I'm fully invested at these market levels.
I wish I could hold cash but I'm still finding value.

Mike