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Strategies & Market Trends : Value Investing

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To: James Clarke who wrote (4758)	8/22/1998 4:16:00 AM
From: Michael Burry	of 78670

Man, but if you fall for relative strength (past as predictor), then you've got to give credence to many of the most elementary tools of technical analysis. No problem for me, but as a strict value guy with interest in the Hyde's and Tejon Ranches of the world, that's thin ice for you. So the relative strength is good? Well there's that trend line that was violated so don't buy, and that suppport you might as well wait for. And those moving averages and MACD. And hey ADX/DMI is uncannily accurate...don't forget to wait for the breakout on high volume but it's ok to sell into those 2 years of overhead resistance.....and what do you know you bought Hyde at 7 and TRC at 35? Jeez, can't figure out what happened... The relative strength typically doesn't kick in until the stock has been on the move for a bit, especially if it has been beaten down or hasn't done anything for a long time. So it is a trend-following, late indicator. IMO not for deep value investors, though superficial ones (gee the PSR is low) may want to give it a try. Mike

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