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

To: Michael Burry who wrote (7081)	5/7/1999 6:13:00 PM
From: Q.	Read Replies (1) \| Respond to of 78462

does anybody have an opinion about the savings & loan sector? I just read that a large value fund was buying the 2nd largest S&L, WM, and I wondered why. It looks like the S&L stock prices as a whole have gone pretty much nowhere in the last 2 years, and WM has slightly more attractive yield and price/book than the average. Here's a link I made with valuations, charts, etc. for the top 50 S&L's, with the largest first. quote.yahoo.com edit: it might be necessary to copy and paste the URL into your browser, because it is so long.

To: Michael Burry who wrote (7081)	5/7/1999 6:23:00 PM
From: James Clarke	Read Replies (1) \| Respond to of 78462

I have a real problem with your interpretation of accounts payable too. What about the offsets, accounts receivable and inventories. You are making things much more difficult than they need to be. The point of a return on investment analysis is to separate the BUSINESS from THE WAY THE COMPANY CAPITALIZES THE BUSINESS. Accounts payable is clearly part of the BUSINESS. I would say that operating leases on their stores are too.