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

To: James Clarke who wrote (8352)	9/23/1999 10:56:00 PM
From: Michael Burry	Read Replies (1) \| Respond to of 79003

that the Dow went through a significant support level like a hot knife through butter. And the S+P went through a minor support level. That's what I would be talking about if I was an institutional analyst, or on Wall Street. The comment was absolutely nothing. It was just the pin. And as I said yesterday on the Buffettology thread, the tech rally was creating a false impression that the market wasn't about to break support. 276 new lows today, and the time period includes last October, so these aren't just any old 52-week lows, and that was not just any old support. I've spoken before about the down thursday,down friday, crash monday scenario. Santa, it's all I want for Christmas, and I don't mind it early. Mike

To: James Clarke who wrote (8352)	9/23/1999 11:07:00 PM
From: valueminded	Read Replies (1) \| Respond to of 79003

James: As a value investor and an avid fan of graham, I see precious little I would buy now including Cmh. (target to start buying would be around 6 and if we have a real bear market, I have no doubt it will get there) I crack up when investors get excited by a modest decline in the market and begin to target stocks to buy when the general market is arguably overvalued by >200%. (pe, pb, dividend, take your pick) If this truly is the beginning of a bear market (i have my doubts as the FED has made it clear with the wide open credit spigots) then you ought to target stocks to short. That being said, one of the first areas I am considering is the newly minted internet "spyders" symbol HHH. With global overcapacity in virtually all markets and our corporations attempting to leverage themselves to the mooon issuing bonds for stock buybacks, pricing/margins are going to continue to worsen. Yes we may play all sort of accounting games, but the bottom line is that free cash flow from most businesses stinks. At some point, this will be all that matters. imo