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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (9238)	12/10/1999 1:06:00 AM
From: Michael Burry	Read Replies (2) of 78567

Paul, with all due respect, I just don't get your buying of stocks as they make new lows. Over and over and over I have watched stocks break new lows subtly only to continue drastic sell-offs. If there's one thing that's kept me ahead this year it's stepping aside of disasters by selling when a new low is made. I don't wait for an uptrend. I just avoid buying new lows or when the stock is an area where no support has ever been established. Don't know if it will continue to work in the future, but to me there's a logical basis to this practice. Goodyear Tire I did a paper short on after rejecting it as a value stock. Too bad I didn't use real money. Who knows where it will stop. Stocks are like swimmers - they dip their toes below the surface just before the dive. Now Washington Mutual? It's testing a bottom right now but technically a toe has been dipped in the water. We'll see. I can see it at a PE of 7-8 with a 6% dividend if the market continues with present assumptions. I don't disagree it's a bargain. Just waiting for a reasonable entry. Good investing, Mike

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