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Strategies & Market Trends : Value Investing
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To: Michael Burry who wrote (3367)2/26/1998 11:04:00 PM
From: jeffbas  Read Replies (1) of 78515
 
I find buying price discontinuities on bad news has been an exceptionally poor strategy for me. I have rarely seen an exception to the old rule that the first disappointment is usually not the last. That is because the first disappointment is often the result of poor management, which survives the initial problem to ruin another day.
(A truly extraneous event would be an exception.)

So as a long term investor, not a trader, my policy is to wait for a few disappointments to really beat up a stock price, look for insider buying, and study the company inside out and backwards meanwhile.
(This approach plus intimate knowledge of the industry kept me out of a certain health care company.)
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