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

To: Michael Burry who wrote (4065)	5/12/1998 10:32:00 PM
From: jeffbas	Read Replies (2) \| Respond to of 78523

Re: PSO I look for a margin of safety as you have previously noted. If nothing happens to change the view of the company, earnings comparisons ahead are so-so, and we have a market correction, I see no reason why the stock price might not return to the middle of its historical valuation range. I look at this like I would a closed end fund selling at a healthy discount. A net-net is really similar with all of its liquid assets invested in one business. When buying a closed end fund you really should look at the historical discounts for that specific fund, and understand any changes from the pattern.

To: Michael Burry who wrote (4065)	5/13/1998 12:21:00 AM
From: Kathleen capps	Respond to of 78523

I agree with both you and James that there are no guarantees that anything will unlock the value anytime soon, if ever. But it seemed worth the risk to me to collect the dividend while I wait and see what happens. I tend to watch stocks much more closely when I own some (strange how that happens). It makes it more meaningful somehow. And it will be the first time I've owned such a small company, which will be interesting. Kathleen