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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (7413)	6/6/1999 4:03:00 PM
From: Michael Burry	of 78683

Re: stock picking vs. stock selling. It has been said that a stock well-bought is half-sold. IOW, if you've done your DD on the front end, it is obvious when to sell. There's value in that, but the cliche is incomplete, IMO. It is one thing to wait for a fat pitch and quite another to assess, upon attaining 2nd base, whether stretching for a triple represents a favorable risk/reward. This situation can be further complicated by the fact that the very next batter also possesses your exact same ability (or inability) to wait for a fat pitch. Why shouldn't one just wait for the absolute fattest pitch, making every swing a home run and eliminating the sell decision? Well, even Buffett hasn't done that. A nice goal, but possibly impractical.

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