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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (3529)3/19/1998 1:53:00 PM
From: Michael Burry  Read Replies (2) of 78517
 
Paul, I apologize. Yesterday I said buy it now (which
was totally irresponsible), and today I just sold half my position.
The reason: I still like the company and the merger, but I got
carried away. I have a 50% gain in just two months.
A rule I have been toying with is:

When you buy a stock for discount to intrinsic
value, sell 1/2 if the stock gains 50% in less than
a year. If it gains 50% in more than a year, evaluate
for long-term hold/quality of business.

So today, after checking my emotions, I
enforced the rule. I sold half my Pacificare and half
my Medusa. It's hard to do that to my best stocks -both
of which I really like - but that's probably why I should.

I now have money for two more positions - my four stock
portfolio became a six stock portfolio became an 8
stock portfolio then a 10 stock , now a 12? Pretty
soon it'll look like yours.

Again, I apologize for the switch.

Mike
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