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

To: Michael Burry who wrote (2194)	2/24/2000 9:24:00 AM
From: James Clarke	Read Replies (4) \| Respond to of 4691

I just got the annual for WPO - doesn't strike me as too great, but still haven't dug in. Requested annual for Jones Apparel. Liz Claiborne is a winner - their financials are just beautiful, and nobody seems to notice it. Same goes for Jones. Virtually any regional bank (I'd be looking at FVB or MTB, maybe KEY). Emerson Electric looks very attractive, Ambac under 45 is as close to a sure thing as the market offers. Clayton Homes around 8, Sara Lee below 18 just look like theft of really good businesses. Oh yeah, one more. Berkshire Hathaway at 1600. That enough for you Mike? Anybody want to send me some cash? Or do I have to short Rambus to fund these?

To: Michael Burry who wrote (2194)	2/24/2000 9:24:00 PM
From: jhg_in_kc	Read Replies (2) \| Respond to of 4691

Michael, I do not take pleasure in other people's misfortune, (schadenfreude) (sp?) and I want to apologize to the thread and to Twister for my excessive although not irrational, as it turned out, exuberance in re RAMBUS. I will not mention RMBS again here, unless asked. Indeed, one of the things that worries me much is the battering of all good non-tech stocks. I have never seen anything like this. I believe in the New Era scenario but there is no reason for good non-tech stocks to take such a hammering. The extreme disconnect which exists now between non-tech and high-tech averages is something no one has ever seen before in my lifetime. What are the implications of this for those who hold tech issues and those who don't. If this trend continues, more and more money leaves Buffett-like stocks and goes into already fully valued tech stocks until you have, tulipmania in techs and a bear market crash in non-techs. That is the logical endgame. I am at a loss to explain this on the basis of interest rate sensitivity alone. Something else is afoot. and it is too glib just to say New Era, but it is a new phenomenon, however. all the best jhg

To: Michael Burry who wrote (2194)	2/24/2000 9:45:00 PM
From: jhg_in_kc	Respond to of 4691

A REPOST, time ran out on me before I finished. Sorry. Michael, I do not take pleasure in other people's misfortune, (schadenfreude) (sp?) and I want to apologize to the thread and to Twister for my excessive although not irrational, as it turned out, exuberance in re RAMBUS. Let me say in my defense, that when I first proposed the stock to the thread I was ridiculed as an idiot and worse, or so I thought. I only asked for respect, even if I am not extremely adept in math and reading balance sheets. I do have quality experience in journalism and I can tell a good story from hype. RMBS's story was almost too good to believe but the more I read, the more I found out the essential story was true and not a lie, i.e, they had an unbeatable product which the world needed and Intel bought. I only asked to be treated as a peer, not to be sneered at. In any case, I will not mention RMBS again here, unless asked. Today, one of the things that worries me much is the battering of all good non-tech stocks. I have never seen anything like this. I believe in the New Era scenario but there is no reason for good non-tech stocks to take such a hammering. The extreme disconnect which exists now between non-tech and high-tech averages is something no one has ever seen before in my lifetime. What are the implications of this for those who hold tech issues and those who don't. If this trend continues, more and more money leaves Buffett-like stocks and goes into already fully valued tech stocks until you have, tulipmania in techs and a bear market crash in non-techs. That is the logical endgame. I am at a loss to explain this on the basis of interest rate sensitivity alone. Something else is afoot. and it is too glib just to say New Era, but it is a new phenomenon, I was going to buy BRKB at 1600+ but i see it is down again. Money rotating out of it and into the tech superstars? Also, I have noticed each time (since the Gen Re merger) that BRKB has an advance, after about two weeks or so sale settlements appear in which thefractional 1/8th appears. Why would someone put such a strict price on a 1600+ stock so that he or she gets 7/8th of a point. I suspec this has something to do with arbitrage since I never saw it befor the GEN RE merger and I have seen this repeatedly since. The minute that 1/8th appears, I know the stock is going down. It has happend 4 or more times in the last 18 months or so, including just this week. Anyone have any idea what this could be? all the best jhg (once a happy owner of BRKB)