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

To: Q. who wrote (8286)	9/16/1999 6:03:00 PM
From: Michael Burry	Read Replies (5) \| Respond to of 78798

I've had a change of sentiment on the homebuilders. We all agree they're cyclical. And one of the oldest rules of the market is to buy cyclicals when the PEs are high or nonexistant, not when they are low. Low PE's in the cyclicals classically call market tops, and if so then sans wealth effect all of a sudden homebuilders don't look so great with all the debt and no income. I got out of my National RV today on the same thesis. Went more short: today it was priceline and Jim's theglobe.com. Mike