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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote (3196)	2/10/1998 11:45:00 PM
From: Paul Senior	Read Replies (1) of 78551

Mike, Dr. Mike: Well we all have different value investing styles. Guess you've taught me that. I think medical doctors have it extremely tough in the market. My belief is that medicine - even if it is a practice - is still based on a very analytical, reasoned approach. (At least I hope it is -g-) A cause and effect type of thing. Logic first then maybe insight. If this translates into an investing approach, then danger no. 1 IMO is to overlook or downplay extremely important non-analytic factors --- the emotional aspects of BOTH the market and the investor himself/herself. Second I think Doctors are expected by their patients to be right. Doctors as infallible beings. Maybe doctors come into the world confident in their rightness and righteousness. And Doctors I'd guess are mostly right their whole lives (well the ones in my undergrad classes were). Win every award, ace (if people still use that word) every test, been told since they were three that they are very smart. Can do anything. So maybe the expectation of society or their own expectations are that since they succeeded in becoming a doctor, they should certainly be able to succeed in conquering the stock market. If one can fix people one ought to be able to come up with a solution for stocks. (Overconfidence or inabilty to deal with failure = danger #2). Getting an MD degree is an isolating experience I'd guess. (might be very wrong here). Not too much contact with businesses as they are run or the crooks that run 'em (Danger #3 = the MD who listens to brokers' tall tales). And MD's with plenty of money (well -g- compared to some of us) who constantly get sought out by these sharpies (danger #4)for all kinds of investments (not just stocks). Hey nothing intended here to slur or degrade the medical guys. Just that whereas MD's might think it's nothing so difficult that they can't win/succeed/overcome/get wealthy at/etc. - I think it's very difficult for them. But heck, so what? It's difficult for everybody.

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