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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (3876)	4/19/1998 1:26:00 PM
From: Michael Burry	Read Replies (3) of 78462

Re: how and when to protect ourselves The best recent book on the subject is called "The Bear Book" by Rothschild. Though a bit repetitive in the middle, it is a quick read and gives plenty of ideas about what to do should you expect a bear. Since I agreed with most everything in the book, of course I liked it. Where to go? Dividend-paying consumer staples. Asia - he tells us which countries don't correlate with the US (Korea, Japan are two). Cash. MO. What to get out of? Latin America/Mexico. Cyclicals. There's lots of ideas. If you have an opinion on whether it will be a deflationary or an inflationary bear, then there are other options. Obviously, zero coupons for the former. The pros/cons of gold are discussed. There's a lot of history in the book, enough to steel up those of us taking the bearish position. What am I doing? A lot of what's in the book. The book helped accelerate an action that I already started - moving funds out of US equities and into Asia and cash. I'm doing that a variety of ways. It also turned me onto the Prudent Bear Fund, which sells stocks short. Obviously it has not done well, but for a fund that has been short the last few years, I'm impressed it hasn't gone under. Mike

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