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Strategies & Market Trends : Value Investing
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To: Michael Burry who wrote (5640)1/4/1999 10:40:00 AM
From: jeffbas   of 78744
 
Mike, I would have to change my comment a bit to say that a sound short is a vastly overpriced stock where the fundamentals are deteriorating AND ARE GENERALLY PERCEIVED TO BE DETERIORATING. It is quite plain from the chart that the latter is not now the case. If you wait for that to happen you might short at 250 with a far higher probability that it is going to 50 and a far lower probability that it might go to 500 -- in other words, with a larger expected return than by shorting it now.

Be careful. I remember well the earlier Resorts International reference. The shorts were absolutely right and got killed.
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