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Strategies & Market Trends : Value Investing

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To: James Clarke who wrote (10832)	7/1/2000 11:13:45 AM
From: Michael Burry	1 Recommendation Read Replies (1) of 78580

I'll post my outrage just as I did last year. It makes a joke of value managers of concentrated funds trying to make a representative showing at mid-year. Last year it spiked my returns irrationally, dooming the third quarter. This year it decimates the returns irrationally. I'm sure it will come out in the wash, but it doesn't help for marketing. I congratulate you, Jim, on being awake and tuned in when it happened. I signed in right on the market close (I guess I had thought with Thursday's strong showing I had little to worry about - if anything, the spike would be up) and couldn't believe my eyes. And why it would deteriorate so much further AFTER the market close is beyond me. Actually, I can understand the mechanism, but I don't understand why someone hasn't fixed the mechanism so this doesn't happen. All I can say is that as I begin my professional money management life, it would sure help if now these stocks would stay this low for the next month or so. Let's see if this predicts a good showing for tech stocks in the third quarter, just as last year's mid year close predicted a tech slump in the third quarter. Good investing, Mike

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