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Biotech / Medical : JMED - Jones Pharma (specialty pharmaceutical mfr) -- Ignore unavailable to you. Want to Upgrade?

To: babette spatz who wrote (203)	2/26/1999 10:49:00 AM
From: Michael Burry	Read Replies (2) \| Respond to of 268

As I've learned investing, the best predictor of future performance is indeed past performance. While "past performance does not guarantee future performance" it does so better than any other measure. This is the basis of investing both as Graham and as Buffett did. Jones Medical has shown extraordinary managerial savvy in both its strategy formulation and implementation, with an enviable string of accretive acquisitions. Inventories of two of their biggest sellers, Levoxyl and Thrombin, are lower than expected, suggesting that Jones Medical not only didn't stuff the channel to make last quarter's estimates, but knew business was good enough that they wouldn't have to. The cash kitty is over 100 million, not 10 million, and it is a solid bet that management will continue to find accretive acquisition candidates. IMO, the lull in the action in the stock price has been due to a)the volatility of the industry and b)the latest quiet period of decreased acquisition activity. This is not historically out of character for JMED. A longterm holder should be satisfied. To be a shareholder in this company and expect a margin of safety, there must be not a 1 year but a willingness to make a 10 year commitment to the stock. Yes, I wrote it. That's what I do. The idea is not to drag on for 10 pages about all the information I've learned (hence, I don't detail the specific drugs), but to provide an investment idea worthy of further research for those who make independent and rational investment decisions. It's not a buy rec. Just an idea. Good investing, Mike