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To: David who wrote (7390)	6/5/1999 12:40:00 PM
From: Michael Burry	Respond to of 78628

David, Please, please contribute. Boy, you have the holding on part down pat. It's not like Hyde even took that long - just a couple years like Graham said. Congrats. 4.25 - 17.50 is something of which to be very very proud IMO. Especially because the character of the stock changed. From net net to a company with prospects. I could see it happening but still adhered to the net net and got out below 8. WHX caught my eye again when it hit 10. I held on until it fell to about 8 1/2 and sold out. Lo and behold it hit near 6, and it caught my eye again. Now at about 7, but IMO there's value there. But there's risk too. Management has driven the company to bankruptcy before and doesn't look like they're too afraid to do it again. JBM I'm surprised you held it this long and did the round trip. That one was not a very good business, but was selling at a deep discount. I can't say what I would've done though, since I chickened out way early. Thought I found greener pastures. On the CSE situation, I see a very, very low probability that the deal won't happen. Fiat is NH's majority shareholder and is itching to spend the money. Case would be plain stupid to reject it. And Deere and Caterpillar are just as big as the combined entity, so the regulatory stuff should work out. I'll admit though that the downside would probably be substantial if it is called off. If the deal is called off, though, it is very likely that New Holland will jump, so maybe it makes sense to buy and hold New Holland next time it falls to 14 as a paired play with Case. Mike

To: David who wrote (7390)	6/5/1999 11:38:00 PM
From: James Clarke	Read Replies (1) \| Respond to of 78628

David, way to go on Hyde and I for one hope to hear a lot more from you in the future. Your last post should make any net-net investor think hard. Do you buy and hold a net-net. I emphatically say no. I take that early gain and cash it in, thus I will miss triples. But Jan Bell (credit Mike Burry with this one - it was his pick and a close friend of mine bought it on Mike's work) is where my strategy wins. My friend cashed in for a 60% gain on my recommendation, then kicked himself (and me) when the stock doubled. Now he's looking to buy it again at even lower than his first buy. There are certain stocks I will buy and hold - first and foremost it has to meet the Buffett criteria - Am I extremely confident that this company will earn MUCH more 10 years from now than it does today. In my thinking, net-net investing is a different game, because a net-net virtually never meets that criteria. I am playing for the easy money - once they are not a net-net, I have very little interest in owning the business. On these two examples, though, you win. Your home run in Hyde more than made up for your round trip of Jan Bell. I would be very interested in what you are buying today. Jim