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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote (5172)	10/20/1998 3:07:00 PM
From: Terrapin	Read Replies (4) of 78817

I've been seeing the same thing with my small cap issues and in the past two days the large caps have followed suit. But I am asking myself what is so different from three months ago? Valuations are more reasonable but is that enough to kick off another bull run? Two major things have happened so far: a) the Fed lowered rates and b) earnings have not been as bad as the analysts thought. Of course, earnings are nowhere near the levels needed to support the stock prices of June and July. My problem is that every other problem that brought down the market in late summer is still there (foreign financial crises, domestic political crises, enormous consumer debt levels, etc). What could be driving this rally? I guess I'm grumbling because I hadn't finished taking positions in beaten down sectors (oil, steel, agriculture machinery). I'm wondering whether to chase them or wait for another sell-off.

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