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

To: Michael Burry who wrote (4594)	8/4/1998 2:55:00 PM
From: peter michaelson	Read Replies (1) \| Respond to of 78722

Mike: I congratulate you on your winning attitude. Kudo's to you, as well. I don't think you were wrong, necessarily, on JOE. Will you say that if the price is $45 in three years. Should it take a straight line? Haven't you confidence in your judgment of value, or did you make an identifiable error in this case? Peter

To: Michael Burry who wrote (4594)	8/4/1998 3:13:00 PM
From: Wallace Rivers	Respond to of 78722

Mike - I feel 'da pain with you. Despite huge hits in CMO, HMAR, and others, I've still managed to eke out about a 5% gain YTD. I own YPF, we'll do well in the long run, plus we get a nice div. in the meantime. Fortunately, my avg. cost is about 21. I am a client of Raymond James, I'll try to summarize how they feel about JOE at this time. I believe they downgraded the stock today. Keep your chin up, I'll try to do likewise.

To: Michael Burry who wrote (4594)	8/4/1998 3:19:00 PM
From: James Clarke	Read Replies (2) \| Respond to of 78722

Take a deep breath, Mike. This is a gut check for everybody. Our institutional portfolio is getting creamed too. I put a stock in there a month ago which has already lost our poor clients about $5 million. Does that make you feel better? It really did seem like a good idea at the time... I'm sure there are plenty of buy ideas out there, but one I actually bought today is LaSalle Hotels (LHO). Busted REIT IPO taken public about three months ago at 18. Its about $14 a share now. Pays a dividend of $1.50, for a 10.7% yield. And there is really nothing wrong with it. Just a very unpopular sector these days, and a small unknown name in that sector. But its properties are decent quality and management is honest and has bought shares since the IPO. I also believe that at some point in this decline people are going to start thinking about dividends agin, then you'll see a REIT bounce. Otherwise, I just bought 18 or 19 dollars worth of property at a 25% discount, and I get paid 10.7% to wait a while. Well, its better thn yesterday. There are only 8700 points of downside left in the Dow. Yesterday it had 8800 points to fall, so I guess we should all be feeling relieved.