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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote (10404)	4/21/2000 1:51:00 AM
From: James Clarke	Read Replies (2) of 78496

I bought a little Bristol Myers today (BMY) below 50. $30 billion of market cap erased for what may just be a one year delay on a drug that wasn't even in earnings yet seems like it might be a bit overdone. My mother has never forgiven me for selling her Bristol Myers shares two years ago and then watching them go up another 30 points. Well now she's back in not much higher than where I sold in 1998. This isn't a crunch the numbers net-net value - it may turn out to be just a trade, but I've been wanting to own a drug stock for a while now and they never come to my valuation. Maybe now that I've bought, they will. JNJ was the one I had my eye on, but look at the pop that has gotten off the bottom while the bat stayed on my shoulder. The group has underperformed dramatically, and this is not typically a group that underperforms for long. There is a strong argument to be made that if tech starts scaring the growth investors, they flock to the drug stocks for growth + safety. Hasn't happened yet - to them safety still means "tech stocks with earnings". That will change.

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