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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote (2016)	9/29/1997 8:16:00 PM
From: Linden Doerr	of 78686

IMO, they would have been great buys then even if they hadn't moved. The story behind the value validates the value, not a 6 month subsequent price history. Exactly right, Mike. The more time value investors spend on 'business movement' and the less they spend on 'price movement', the better they'll do. The first part of Scloss' statement is the most important. Buy a stock when Mr. Market won't look at it; eventually, he'll get around to looking again. Selling 'too early' means only that the price continued up, mostly for irrational reasons. Avoiding participation in 'greater fool' investing is a virtue. There's _always_ something more fairly valued than something that has run beyond reason, even if it's cash! Linden

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