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Strategies & Market Trends : Value Investing

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To: peter michaelson who wrote (4595)	8/4/1998 4:32:00 PM
From: Michael Burry	Read Replies (2) of 78666

What a support group! <g> My identifiable error in St. Joe was buying at 30 as it received Wall Street's attention and possessed a relative margin of safety, rather than identifying it and buying it when it was in the teens and had an absolute margin of safety like James. In this expensive market over the last year, buying value stocks close to intrinsic value may have been my biggest mistake. But no way can I sell now. Since I've got about 50% of the amount of my stock portfolio in cash in my bank account, I'll probably start moving some of that over into stocks to buy USU and TDW (and more JOE <g>). Good investing all, Mike

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