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Strategies & Market Trends : Value Investing

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To: James Clarke who wrote (6641)	4/9/1999 1:19:00 AM
From: Michael Burry	Read Replies (1) of 78576

I agree with the pessimists. If a rising tide don't lift your particular boat, a tidal wave ain't going to either. I guess since my boat is being floated by this rising tide for now, I'm just a bit optimistic. But are you insinuating that I am doing something contrary to value principles to get my returns this year? And if so, then why shouldn't it continue, and still have some downside protection in the event of a meltdown? (this is all rhetorical) I think we should be clear that it will take a meltdown for the market to change character. 20% corrections don't do it. Something needs to threaten the mutual funds, threaten the public into withdrawing large sums all at once, threaten them to stop rolling over 100% of their retirment into index funds. No doubt about it - the average investor thinks of an S&P index fund as equivalent to a money market in terms of safety. Having Easter in a cocktail party setting confirmed that for me. Mike

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