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Strategies & Market Trends : Value Investing

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To: jeffbas who wrote (9338)	12/16/1999 9:48:00 PM
From: Michael Burry	Read Replies (1) of 78515

Jeffrey, no offense, but the tax-loss selling is a given in stocks like CTX. I'm ONLY looking to buy stocks that have had significant tax-loss selling. But if they are making new lows to boot, then it's time to sell or sit on the sidelines. There are plenty out there that have just sold down to support. The only exception to this for me are the REITs, which have been so outrageously overpunished, and which offer a logical place for the liquidity to move if the market gets shaky (as they did last spring). Housing stocks and even my Crane - when valuations got like this in the past it meant earnings tumbles for several years and higher PEs while the stocks went nowhere. I agree with Jim's assessment re: CMH and CTX. In fact, CMH looks like one of those certain stocks suffering from tax-loss selling and yet not cracking old lows. Mike

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