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

To: James Clarke who wrote (9362)	12/19/1999 5:09:00 PM
From: Archie Meeties	Read Replies (3) \| Respond to of 79000

<I like the point made on the Buffetology thread the other day, I think by Wayne, that here we have a stock whose intrinsic value arguably INCREASES if the market tanks.> You mean Buffett is shorting the NASDAQ? If he's not, could you please explain the above idea in a way my wee little pumpkin brain can understand. TIA. <I was not kidding about my January Effect pick being BRK> The "January Effect" is a uncertain event that is seen in smallcaps. It doesn't apply to BRK. That said, I wish all value seekers a happy and profitable new year.

To: James Clarke who wrote (9362)	12/19/1999 8:20:00 PM
From: Michael Burry	Read Replies (1) \| Respond to of 79000

I like the point made on the Buffetology thread the other day, I think by Wayne, that here we have a stock whose intrinsic value arguably INCREASES if the market tanks. This isn't novel or new. In fact, it's a given. What I don't understand is why anyone believes that the share price will reflect this in anything but the very long term. In the short run, BRK falls with the market and with rising interest rates. Warren hasn't given out any signals that he thinks it is undervalued (though I can't recall him ever doing so in the past either). Take a look at some of his letters from the mid 70's to the early 80's. He does so several times. April ain't that far off. Mike