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Strategies & Market Trends : Value Investing
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To: Michael Burry who wrote (4827)8/27/1998 1:04:00 PM
From: Axel Gunderson   of 78672
 
Mike:

I am feeling the same way you are, except I don't perceive a glut of bargains yet.

Until very recently I had been seeing some bargains, but the companies were not what I would call great companies (in the Fisher or Buffett sense). I had been thinking that I might have to break down and buy a small basket of good (not great) companies at bargain prices. But now it looks as though the great companies will become available and I should just be patient.

It is kind of ironic. I used to invariably be able to count on a stock falling another 10-20% after I bought it. Then I got a tiny bit smarter, realized I was in too much of a rush to grab bargains, and started to instead enter GTC orders for prices below the available bargain prices. This way I both got cheaper prices and wasted less time watching the market. But right now I'm glad I haven't entered any such orders yet. I will, but this may be a great time to first come up with a wish list that would ordinarily seem to be "pie-in-the-sky."

Axel


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