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

To: Wright Sullivan who wrote (3794)	4/10/1998 2:12:00 PM
From: peter michaelson	Read Replies (1) \| Respond to of 78515

Thanks for those real estate ideas. In that vein, does anyone know of Asian real estate holding companies (not development) whose prices may be down due to currency devaluations? Thailand, Malaysia, Korea, Indonesia. I love holding real estate acquired at low prices. That is asset value. peter P.S. I'm holding Tejon Ranch (TRC) for the long term.

To: Wright Sullivan who wrote (3794)	4/10/1998 6:08:00 PM
From: Michael Burry	Read Replies (1) \| Respond to of 78515

Great. I needed that. So St. Joe is fundamentally a "creative" business. That's a switch. It is interesting that obviously St. Joe's present is felt - and apparently, somewhat feared. Re: TRC, James Clarke sure did bring it up. Made a few of us profits on its August ride. I have an appraisal of the land done by one of the major investors. It made me much less interested in the stock above $20-25. I don't think that TRC has quite the flexibility or the potential of St. Joe. TRC truly holds land that will never ever be developed, except for a few specific corridors along 5. I'd rather buy more St. Joe. Mike

To: Wright Sullivan who wrote (3794)	4/10/1998 7:51:00 PM
From: James Clarke	Read Replies (2) \| Respond to of 78515

I bought St. Joe at 18 (adjusted for the split and the return of capital dividend) and bought Tejon at 17 and sold it at 31. Tejon is fairly valued in my view (it could be worth 50 and it could be worth 20). The very interesting real estate play on your list is Florida East Coast because it has a catalyst. St. Joe will make another bid on FLA within the next year. Its the only way they can consolidate their land development franchise. No, I have not bought it yet, but I probably should.