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

To: Michael Burry who wrote (10360)	4/17/2000 1:16:00 AM
From: James Clarke	Read Replies (1) \| Respond to of 78516

I have a business school classmate who had a very nice job, though certainly not where the action is, as a real estate investment banker for the last three years. (He came in about three months before the top in REITs). I heard today he bailed and went to an internet investment banking job three weeks ago. Ouch. And I bet he didn't own REITs in his personal account. Double ouch. I've been sadistically looking at message boards on stocks I rarely would look at unless in short mode and am seeing some horrible margin call stories. "I took out a second mortgage on my house..." That should be good for Clayton Homes. I was thinking about making a wish list and throwing in limit orders on my dream stocks. But when I look at my dream stocks, they are at least 30% above where I would buy. Not that there won't be some screamers out there if the market does what it could - repeat could - do tomorrow. But I don't think I'll be seeing Wrigley at 50 or Gillette at 22 or BRK at 1400 (had our shot there - oh how I wish I had pulled the trigger harder). There is a story about Ben Baruch at the time of the crash in 1929. Somebody saw him and said what a horrible market, and he replied, "Not if you're buying." Lock and load. I just went through my accounts and realized I had a lot more cash squirreled away than I thought I had. I don't think a 30% drop tomorrow is implausible. I also don't think a 10% rally tomorrow is implausible. Should be a fun day. People like those on this thread who go stock by stock and keep their cool should wish it was like this all the time.