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Strategies & Market Trends : Value Investing

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To: jeffbas who wrote (5196)	10/28/1998 12:28:00 PM
From: Michael Burry	Read Replies (2) of 78525

And in keeping with that spirit, Jeffrey, now I've sold off every stock except Midway. I really found myself resonating with Levy's reasoning. I'm figuring guaranteed 5% nominal rates on my money (which approximates the real rate) is a very attractive option relative to stocks. Even the small caps that look cheap have had a recent double, and could easily get cut in half as the year ends /1999 progresses and/or pessimism resurfaces. Recognizing my own emotions (elation as my stocks soared, lending a rosy view to everything) was the key to my conclusion this rally won't last. Capital preservation seems indeed key given the uncertainty, and the outlook really is one of high risk, high return. Mike

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