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

To: James Clarke who wrote (8155)	9/5/1999 1:29:00 PM
From: Michael Burry	Read Replies (3) \| Respond to of 78842

And yet another story on the downfall of value investing (Schafer Value) in Barron's this weekend. I'm wondering how many value investors saw their portfolios jump the 3% the indices did Friday. Mine were only up about 1-1.75%, and looking at just my portfolios I would have thought it was an average market up day. But then I look at my "tech stocks" watch list and it's like, "what's going on here?" I'd say the cyclicals turning provided a boost to value investors (myself included), but that there really has not been any other identifiable shift into value stocks per se. And if the Lazare Kaplans of the world did rally, they are now back to ground zero. Technically, there are a lot of stocks in no-man's land. They've broken through to new lows, and if they've retraced up at all it's only back to near their old lows. Some call this a "bull trap." And I've never seen it in so many stocks (unfortunately a lot of them are in purported current value sectors). That said, I firmly believe value will indeed out. I took positions in General Cigar, Maxwell Shoe, and Lazare Kaplan yesterday. Mike