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

To: Shane M who wrote (4342)	6/25/1998 9:04:00 AM
From: Michael Burry	Respond to of 78748

Jubak writes a lot of articles and has some good advice, but I disagree on this one. His thinking is indeed why the stock is down, but I don't see anything new - it's the old party line for Telebras bears. In any case, Telbras trades at lows P/CF relative to its peers and is a true growing telco. On this logic, he would argue Steris is a better buy than UST as well. My logic isn't always right, but when everyone knows the risks, they become overstated IMO. That's my bet anyway. Mike

To: Shane M who wrote (4342)	6/28/1998 5:54:00 PM
From: Allen Furlan	Read Replies (1) \| Respond to of 78748

Microsoft Investor had article on Capstead Mortgage(cmo) on same date. investor.msn.com I was researching tbr and found the cmo writeup. An interesting way to play tbr is to write puts which I did 2 weeks ago. This gives you a slight margin of safety. On to cmo, a classic contrary investment play. May be early but the crash on Friday offered the stock at a 20 per cent discount to adjusted book value. Company was punished because they were less than forthright on their problems in a May press release. However they seem to have bitten the bullet and taken initial defensive moves. If the yield curve continues to collapse they will be hurt more, if not this appears to me to be a reasonably well managed company and I would expect a recovery. I bought at 9 5/8 and hope to sell some calls next week. Paul Senior ,if you read this would appreciate your assessment.