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Non-Tech : BMC Industries

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To: HB who wrote (325)	5/22/1998 3:01:00 PM
From: Michael Burry	Read Replies (2) of 359

IMO, high volume bottom followed by a low volume double bottom is classic. At that point, if you like the stock fundamentally (which in this market for me usually correlates with a stock that has been falling), you can take a position, with a quick sell if it goes on to make new lows. That's what I did here. I still like the company and I've already decided to buy it again, but I'll have to have a reason. This is my method for avoiding falling knives in well-followed stocks. My reason for buying BMC again will be my new ridiculous target of book, or once it becomes a boring, low-volume stock again tracking along old lows. BMC has five analysts following it, and it is entirely possible that it is falling now because some institution's analyst pried out a bit of bad news from BMC. Maybe that's where the shareholder relations guy I haven't been able to get a hold of for three days is. I won't trade on intraday trends though. That's a whole ball of wax I don't want to touch. If I'm lucky, the market will continue to correct and BMC will indeed hit book and I will indeed eventually talk to someone there. Good Investing, Mike

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