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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote (10911)	7/10/2000 11:29:25 AM
From: Madharry	Read Replies (1) of 78471

Mike, everyone is entitled to their own opinions , wrong or misguided though they may be. as a teenage investor I was wiped out in 69-70. It taught me that nothing goes straight up, and that an overly concentrated portfolio is not a good thing, and that professional analysts are frequently bamboozled by the companies that they cover. I hope I have learned from these mistakes. You are certainly right about Buffett. But how many Buffetts are there? I think Paul and Jeff are right in warning people that have not been through a prolonged bear market of the potential devestating experience it can be. Most people do not have Mr. Buffetts conviction to keep buying as the share price keeps dropping for years. Nor do they have WB's ability to know the companies that will be thriving 10 years into the future. Of the 30 companies that I owned during that period I belive only Disney, ABC , and Chrysler have survived, and I think that the appreciation on Chrysler was pretty woeful. OTOH had I just held on to the DIsney stock I would have my own Island now. Mike, you may be the next Buffett but the odds are against it.

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