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

To: Michael Burry who wrote (4808)	8/24/1998 3:15:00 PM
From: James Clarke	Read Replies (2) \| Respond to of 78596

Interesting trades. Case is a screaming buy, but I would not sell New Holland to buy it. Maybe I should. What was your reasoning. And St. Joe into FLA is also very interesting to me, considering I sold St. Joe outright on Friday...right at the market bottom at noon. (To be fair to myself, I sold 500 of my 600 shares of JOE in the 30s. But that last 100 had psychological significance because I intended to hold them forever. I don't recognize my own portfolio without St. Joe in it.) Jim

To: Michael Burry who wrote (4808)	8/24/1998 6:04:00 PM
From: Axel Gunderson	Read Replies (2) \| Respond to of 78596

Hey Mike: I want that target hit sooner rather than later. I'm with you so far. :-) Part of a margin of safety is knowing that the company will be there for a while I'd go one step further - without this, there is no margin of safety. Because like it or not, we may have to hold it for a while. and part of it is the potential to go up in a reasonable time frame. We just have to be realistic as to what constitutes a reasonable time frame. Companies, especially small ones, can be underpriced for years. Our margin of safety really should allow for this. Axel