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Strategies & Market Trends : Value Investing

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To: James Clarke who wrote (5174)	10/22/1998 2:39:00 PM
From: Michael Burry	Read Replies (1) of 78651

I agree, Jim. I've had an absolutely amazing run of luck in the last week and a half - not a single down day, and over a 33% return. Today I took profits. Even today, Asyst and Tidewater are boosting my portfolio,. I cut every decently priced position out, and sold several overweighted positions down to more normal levels - including Deswell.I've sold myself down to a 40% cash position today. This rally has the look of a sucker punch in disguise. I'm very glad to have been able to participate, but the world really isn't any different, and in the next year some Buffett companies may go on sale. It really really hurts to sell stuff that is going so high so fast, and only time will tell if we're right about another more severe downturn. Here's hoping the hardest thing to do turns out to be the right thing. Mike

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