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Strategies & Market Trends : Value Investing

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To: James F. Hopkins who wrote (1628)	8/9/1997 1:58:00 PM
From: Michael Burry	of 78782

From the tone of this thread and the e-mail my web site has generated, I get the feeling that a lot of value investors are now or have been frustrated at the lack of quality stocks meeting traditional value criteria. I know I'm spending a lot of time looking at smaller and smaller market caps with questionable management. I worry about the large caps that are falling or underperforming -- after all, if they can't do well in this market with mutual funds stuffing money into anything that's liquid and has propspects, how will they do in a bear or sideways market? That liquidity cuts both ways. At what level would value investors re-enter this market? I would buy Coke at 30-35 and Gilette at 50ish. That leaves a lot of room for a fall once the momentum turns down -- who will be the buyers to give the 10-15% growers valued at 40-50 X earnings and 10-15 X sales some support? One would expect that at these market heights, this thread would be dead. It's a tribute to the contributors that they are still finding solid values here and there. I can't wait to see what this thread is like when the market has corrected 25-30%. Good Investing, Mike

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