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

To: Tim Cruise who wrote (4490)	7/24/1998 2:35:00 PM
From: Postman	Read Replies (1) \| Respond to of 78705

IPTY is a value situation IMO, but is just getting out of the gate. The facts? Here they are- --Company is called iParty and plans to capture the party goods and services market through the internet. ($40 billion U.S. market) --Website will be launched in late September. --Jim McCann of 1-800-Flowers is one of the founding shareholders. --Bob Lessin, well known New York financier and 'tech stock angel' is a founding shareholder. --Byron Hero, former CEO of Danskins is now CEO of iParty. --Sam Belzburg, very rich Vancouver based mogul is on the board of directors. --Fry-Multimedia is developing the website. Fry, the commerce data base management partner, was recently named one of the top twenty web site builders in the world by Internet Computing magazine. I think IPTY will be a winner with this kind of management.

To: Tim Cruise who wrote (4490)	7/24/1998 4:19:00 PM
From: Michael Burry	Read Replies (2) \| Respond to of 78705

Tim, Actually, I sold out of TBR a few days ago at 121. Several reasons: 1) I needed cash for home repairs 2) My small allotment of shares was way too small to be split into twelve companies without commissions killing me on any future exit. Not to mention stretching the limits of my mental tracking mechanism. My feeling is that the HOLDrs are temporary and therefore not a good vehicle. Also, why pay the 1.50/share that my broker wanted. Twelve companies wouldn't do with my small holdings. And there are a zillion analysts following this thing. As we hit mid-July, it wasn't looking to zoom higher than 120ish pre-split. I felt that despite all the indecision, the market was rendering a verdict - and that verdict was factoring in an expected post-split fall in the less liquid shares. So I sold - it was a relative decision. I needed to liquidate about 25%, and I couldn't bear to sell much of anything else in the portfolio. My plan is to purchase individual babybras as warranted on a value basis post-split. I too expect there will be quite a spin-off downdraft effect on the less liquid shares that may create significant opportunity a la MWY. If we're lucky, even the big ones like telesp may fall with a world bear market. Good investing, Mike