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Strategies & Market Trends : Value Investing
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To: Ron Bower who wrote (3717)4/7/1998 7:02:00 PM
From: Michael Burry  Read Replies (1) of 78530
 
Ron,

Re: tech

And in a sure sign the market is topping, I bought even more tech
stocks. Today, I pulled the trigger on HWP at 60 3/4.
That's normal. I also bought more DSWLF at 19. Also normal.
But the abnormal is that I bought Ciena at 40. Geez, no way. An
honest-to-goodness momentum tech stock. There are no value parameters that could describe it except its high returns and financials
and hey a PE less than 30 isn't all bad -g-.This is in addition to my three small cap software stocks, BMC, TBR. Looking across tech, I see a lot of wasted stocks 33-60% off their highs with valuations that are approaching Earth. But the businesses aren't all bad. I'm trying
to keep an open mind and not be locked into the Buffett-like
never-invest-in-tech mentality.

Just in case my actions indicate the market is indeed topping,
I raised a ton of cash today by selling off every last drop of
mutual funds.

On another subject, anyone else here looking at Eagle Hardware
(EAGL) and liking what they see?

Mike
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