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Strategies & Market Trends : Value Investing

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To: James Clarke who wrote (4809)	8/24/1998 8:05:00 PM
From: Michael Burry	of 78669

Jim, Re: reasoning. I own 4 stocks that have killed me this year: Deswell, New Holland, YPF, and St. Joe. To me, NH and CSE are interchangeable at current prices. St. Joe and FLA likewise. I switched solely to lock in some tax losses with virtually no penalty to the upside. Irony of ironies, I actually had some realized gains this year that I wished to offset. I also have some untaxed income from Microsoft, so all in all converting my "paper" losses to real losses doesn't hurt and probably helps. The YPF/Telebras switch is not so simple, but basically includes the above reasoning, and Deswell I just can't sell and will probably buy more. I'm still 33% cash now and looking for good opps. Mike

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