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Strategies & Market Trends : Value Investing
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To: sailorman who wrote (2524)11/21/1997 1:18:00 PM
From: Michael Burry   of 78628
 
Re: HYDEA

It's just an illiquid stock in the hands of marketmakers,
so short-term movements mean nothing. There was a lot
of buying down at 4, so I think we have good downside
protection.

This is the "realization of value" problem defined. Buying
at a discount to intrinsic value implies the stock will
move up to intrinsic value in a reasonable period of time.
Graham wanted a 50% gain within two years. I bought at 4,
am looking for 6 within two years. With any luck, management
will get it together and it'll do better.

Good Investing,
Mike
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