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Strategies & Market Trends : Value Investing

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To: Bob Rudd who wrote (7200)	5/18/1999 3:48:00 PM
From: Michael Burry	Read Replies (2) of 78476

Bob, I guess to me the GG is based upon something much different than Graham's or Buffett's teaching, with a much shorter historical foundation. As to how many tech investors have read it, I'd say a good number have probably become familiar with it. Non tech investors and tech speculators maybe not. Re: AAPL, only time will tell who wins this argument. Me and the newbie or the the rest of most of this thread and visitors to my site who've e-mailed me to tell me how AAPL could never be a value stock and definitely should not be a long-term hold. A good analyst friend even sent me a 6 page report outlining the bear case. I still don't agree. Re: EVA, I did get the file; thank you. I also came across some of Buffett's discussion of EVA. I am bothered as he is by the tenet of estimating a cost of equity using EM-based CAPM, and the debt issue. Buffett has said before something like that the margin of safety should be so large that one shouldn't have to carry it out to the nth decimal point. Maybe I too should just set my hurdle rate for would-be Buffett-like investments, and leave it at that, and continue to also use my other measures. Still working on this concept. Mike

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