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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote (3660)	3/26/1998 9:38:00 PM
From: Paul Senior	Read Replies (1) of 78666

Okay. I stand corrected. How many stocks do you think you actually do know? Your portfolio turnover is what, 100% if you include 1997. Plus stocks you evaluated that you didn't buy, that you should have bought? You know a bunch more than 10-12. Even the last 3 you've just recommended. It's the second go-round for you with them, so you already know a lot-- maybe enough to quickly make a buy decision. As I say, stocks are like old girlfriends -- they keep coming back into your life, sometimes pleasantly and surprisingly so -g-. Yes, statistical. I would not take a sample of the stock market with less than 30 stocks. Darn few portfolio managers own fewer than 20 stocks. And only a couple - Torray,Yacktman,etc. own maybe 10+. Can't emulate Buffett - doesn't work for most. Unwinnable argument by anyone since I believe purposes, intent -know thyself- all apply to affect each person's decison how many stocks to hold. Even if I am right -ggg-.

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