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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Michael Burry who wrote (7957)	8/4/1999 6:45:00 PM
From: James Clarke	Read Replies (2) \| Respond to of 78825

OFF and ON Topic I am shorting into this internet collapse because it is looking more and more like the big one. TGLO broke through to a new low yesterday, then they announced earnings after the bell - an upside surprise even - and the stock went down another 15% today. I shorted TheStreet.com 10 minutes before the close today and it dropped a point just in that time. If that gets to 19, that's the IPO price, then see ya. Amazon is at its final support level ~86. Tomorrow is key for Amazon. The reason I keep upping my bet at lower and lower prices is that I agree with Mike, the margin calls have got to be accelerating. And that could create a very quick death spiral for these things given that there is no level on the real garbage ones at which real investors would step in to buy. And on topic: LKI, a net-net I posted in April at 7 or 8 announced earnings of 8 cents. I like this for two reasons - the company has been losing money, so turning from a - to a + should attract attention to the valuation. And also estimates were for 4 cents, so it should attract attention as an upside surprise. The stock is now at 9 5/8, still below book value and right about at net-net value. I would buy at the open tomorrow if it wasn't already 25% of my portfolio. JJC

To: Michael Burry who wrote (7957)	8/4/1999 6:48:00 PM
From: Art Vandelay	Read Replies (1) \| Respond to of 78825

What would be really interesting is to see when the insiders start buying the internets. Mike you bring up an interesting point. Just as the Internets have been overbought and overvalued, I am wondering if the current trend holds and margin calls continue if we will see a point where the internets are oversold. (At what point that is, I have no idea) (ggg) It is very interesting to watch all of this internet stuff unfold from the sidelines. People may be starting to realize that making money in the stock market is not as easy as everyone has thought for the past few years, and buying the internets on dips in price does not always pay off. I am curious to see how the next few months plays out.