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Strategies & Market Trends : Value Investing

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To: Craig Bartels who wrote (10899)	7/9/2000 11:11:45 PM
From: Michael Burry	1 Recommendation Read Replies (2) of 78469

Craig, I wouldn't go far as to say shorts are not part of a value investing strategy. To each his own, but one might argue that with bonds providing a weak counterweight to stocks over the last few decades, hedging with shorts might be something Graham would have considered by now had he been alive. He definitely was into market timing, and it wouldn't surprise me to learn that he felt that shorts had a place in a rich market as a hedge against a majority long equity position. And re: Paul's remark about hedging and shorts never coming up, I submit that Graham's Bonds/Equity 25/50/25 theory was meant to be the equivalent of a mild hedge strategy. As for me, I've come out ahead on my shorts over the years, but I much favor longs, and in a fairly priced or evem overpriced market will still overwhelming favor longs. BTW, I think it is ridiculous to say that one must lose nearly all one's money to have gained experience. I don't recall Buffett losing all his money at any given point. And I don't see where 30 years experience is any better than 5 years; the person matters much more. Good investing and keep contributing, Mike

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