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

To: James Clarke who wrote (5572)	12/27/1998 7:08:00 PM
From: Investor2	Respond to of 78764

Nice response, thanks. Best wishes, I2 P.S. - Did you notice that PBY is conducting a "Dutch Auction" to buy back 10,000,000 shares of its common stock?

To: James Clarke who wrote (5572)	12/28/1998 1:12:00 PM
From: Michael Burry	Read Replies (2) \| Respond to of 78764

Well, looking at two sectors highlighted as being in the dumps recently, health care and REITs, with insider buying. I've taken an interest in Vencor (VC), an acute and long-term care operator, and am digging deeper. I dealt with them as a physician in Memphis, and really appreciated what they have to offer - getting the patient out of the hospital despite having significant medical needs, even a ventilator. A fraction of book and a fraction of sales, they're 2 billion+ company trading at less than 300 million, with negative earnings currently. They are moving to a prospective payment system which can be good, I'm digging into it. Signs of a management turnaround, with one old geazer supposedly leaving. Just seems extremely cheap with longstanding insider buying at this level, but I'm looking into the payment system right now. Interesting aspect of Vencor is it's real estate assets, and there's a big proxy for distribution from March which I haven't gotten through yet. Jim, do you know this one? Also looking again at LaSalle Hotels. I bought and sold in less than a week when it jumped from 8. Jim, any updates on this one at less than 11 now? Mike

To: James Clarke who wrote (5572)	12/28/1998 8:48:00 PM
From: Investor2	Read Replies (2) \| Respond to of 78764

In my recent quest to differentiate "value stocks" and "dogs," I ran accross the following food for thought. Notice one of my favorites at the bottom of the list. Industry Company/Ticker P/E Air Transport US Airways Group U 5.6 Apparel Prod Liz Claiborne LIZ 10.9 Base Metal Ind USX X 5.0 Brokers/Dealers Lehman Brothers Holdings LEH 7.3 Business Services Modis Professional Services MPS 5.1 Communications United States Cellular USM 14.7 Durable Goods Arrow Electronics ARW 13.8 Elec/Gas/Sanit KeySpan Energy KSE 12.2 Electronic Prod Storage Technology STK 8.4 Food Prod Seagram VO 6.6 Health Services HealthSouth HRC 16.9 Industrial Mach Case CSE 4.3 Oil & Gas Svcs Tidewater TDW 4.4 Real Estate Rouse RSE 8.4 Transport Equip Navistar International NAV 6.3 Maybe I'm confusing "value investing" with "contrarian investing," what do you think? Best wishes, I2