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

To: Michael Burry who wrote (5854)	1/25/1999 7:06:00 AM
From: Wallace Rivers	Read Replies (2) \| Respond to of 78476

Mike, FWIW, I'm a golfer. I play Callaway except for the putter. Great Big Bertha (GBB) driver, GBB 3 (which I just ordered yesterday), '96 vintage Big Bertha irons, which the company would like people to believe are obsolete. I do believe that those who have played them do become very loyal to a great brand. I have no desire to buy any other brand. Negatives: I feel they stretched after GBB to entice players into the next greatest product - the Biggest Big Bertha, the tungsten-titanium irons, for example. I don't believe either of those were much of a success. Last year they introduced the X-12 irons and Steelhead woods at a lower price point, with lower margins. X-12 did well, Steelheads too early to tell. The Hawkeye wood launch ($500 list, about $375-$400 typical retail) just started. Steelhead look and purported advantages did not impress me, X-12s are a very nice club, but my "old" Bertha irons were just fine thank you. Hawkeyes look just like the Steelhead, except they are titanium, and have some tungsten plug. Just didn't see how they could be that much better for $125 bucks more per club than GBB. I suppose the point I am trying to make is that the company has run into a wall in marketing the next, greatest, product to golfers who at one time were eager to get the next thing that would make the ball go further and bring lower scores into their bags.

To: Michael Burry who wrote (5854)	1/25/1999 9:13:00 PM
From: James Clarke	Read Replies (2) \| Respond to of 78476

Adams Golf (ADGO) - note that you can scramble the ticker to spell "A DOG" - Taken public last fall at about $18 a share. Now trades at 3 5/8, for a market cap of $81 million. The chart looks like Amazon in a mirror. These guys still have the IPO cash on the books. $63 million. No debt. The business made $4 million after tax in the September quarter. So you're paying $18 million for a business that made $4 million IN A QUARTER? Earnings are expected to collapse from here on out (duh!). What's wrong with this picture, and Mike, what are you doing in that highflyer Calloway? :) JJC

To: Michael Burry who wrote (5854)	2/1/1999 9:53:00 PM
From: Paul Senior	Read Replies (2) \| Respond to of 78476

Hi Mike: Added to my MWY position. Looks like it's going to be a tough fiscal '99 for these guys, as they expect lower 2nd half rev. and earnings. Nice article though in .theStreet.com about Midway: Essentially it's a tussle between Wall Street, where no one is recommending it - versus the insiders who are heavy buyers. Article suggests that MWY is also undervalued when compared it its peers. (But IMO, this - peer comparison/evaluation - is a dangerous way to value a stock.) Regards, Paul. ps: I see you have posted the Feb. stock-of-the-month on your website.