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Strategies & Market Trends : Value Investing

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To: valueminded who wrote (5661)	1/8/1999 11:37:00 AM
From: Michael Burry	Read Replies (4) of 78746

I covered yesterday. So today it hit 600 pre-split. The buyers of the stock are dealing in dollars/share, not billions/market cap. That Amazon.com is adding several billion in market cap a day despite no assurances from either management or analysts that it will ever make money is not the point. The point is that people got used to seeing it at 300, and they'll put it back there no matter how many times it splits. Complete idiots. A year or so ago I saw a survey of random investors and some 60% said that a 2:1 stock split meant that you got double your money. I thought, geez, this is who's in the market. Well, yes, they are, and that percentage has apparently ncreased, and they're taking my money. Mike

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