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

To: Michael Burry who wrote (4526)	7/29/1998 7:37:00 PM
From: Brendan W	Respond to of 78704

What I remember from my TDW due diligence (I posted something on the Yahoo thread summarizing it but their search engine didn't show it to me) regarding investment "cons" were: o well publicized concern on newly built boats entering the Gulf of Mexico and depressing rates o their fleet is old ... supposedly newer builds can be run more efficiently o they don't have much depreciation so earnings is pretty much cash flow o the majority of the fleet is dedicated to/designed for the Gulf ... it can't be shifted to deepwater. The Gulf is largely gas, but gas prices have been crushed, too. None of this stopped me from getting in and averaging down. BTW, I'm no drilling authority ... I gathered the above from the threads and 10-K.

To: Michael Burry who wrote (4526)	7/29/1998 11:54:00 PM
From: Wade	Respond to of 78704

Michael, This is my first time post at here. I have two stocks probably worth your investigation. HIPC is selling below book value. This is the play, if you think oil price will go up significantly within 2 years. JHPC, a wedding gown company,.... is a nice growth stock, but selling at PE of 7. Both are great bargains, imho. Sincerely, Wade

To: Michael Burry who wrote (4526)	7/30/1998 8:28:00 AM
From: Ron Bower	Read Replies (2) \| Respond to of 78704

Mike, THis explains a lot of what's happening in the market. The large caps have been holding their own, but the rest of the market has been dropping. Value investors suffering. Good buys out there, but may still fall below current values. The market isn't buying based on fundamentals, but on the belief that the large caps are the only safe haven. All non-US equities being avoided (NH). By GREG IP and AARON LUCCHETTI Staff Reporters of THE WALL STREET JOURNAL For thousands of stocks, the bear market has already arrived. As of Tuesday night, the average New York Stock Exchange stock was down 24.3% from its 52-week high. That's the biggest such decline since 1990, the last official bear market, according to equity strategists at Salomon Smith Barney. (A bear market is typically defined as a 20% or greater decline in the Dow Jones Industrials.) More stocks have been making new lows than new highs most days since late May. On the Nasdaq Stock Market, the average stock has declined an even more dramatic 35%. Indeed, fully 30% of Big Board stocks and 51% of Nasdaq stocks are down 30% or more from their 52-week highs.[snip] FWIW, Ron

To: Michael Burry who wrote (4526)	7/30/1998 4:10:00 PM
From: Zach E.	Read Replies (1) \| Respond to of 78704

Hello Mike, I don't currently have any $ in NH, but I am looking to possibly invest there. Been looking over the investor packet that they sent me, looks impressive for the most part. The thing that is difficult for me to figure on NH is fair value. With little growth, PE/growth rate doesn't work very well. I suppose I could assume no EPS growth for the next few years and maybe assume that the book value will increase with earnings? Any thoughts? Zach