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Strategies & Market Trends : Value Investing

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To: Investor2 who wrote (5714)	1/11/1999 7:45:00 PM
From: Michael Burry	Read Replies (2) of 78687

Shorting an immensely overvalued stock is not simply speculation, IMO. Amazon.com in no way deserves its current valuation, and not just by 30%, but on the order of 1000-10000% overvaluation. The business model is horrible, and the industry is commodity at best. Recognizing this and committing to a short position until the fundamentals play out is not speculation. Of course, that is not what I did when I tried to cover last week. But now that I have my short position, I'm sticking with it until the fundamentals play out. It's a small enough position that I can wait. Mike

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