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

To: Michael Burry who wrote (10971)	7/20/2000 10:32:04 PM
From: sjemmeri	Read Replies (2) \| Respond to of 78705

What are you doing posting here? Go update valuestocks.net. I need to see the missing analyses. And what have you bought and sold this week? Seriously, I greatly appreciate all the info you provide.

To: Michael Burry who wrote (10971)	7/21/2000 12:08:53 AM
From: James Clarke	Read Replies (2) \| Respond to of 78705

This net-net thing still works. A couple net-nets that were hurting me have bounced back. After taking 25% of pain in my investment in HBI, all of a sudden it went back up over my $2 cost in the last week. And EBSC had a nice day today when management caved in to the disident shareholders. EBSC has been a big disappointment, but I'm only down about 10% below my cost. Recently sold BL for a nice short-term profit, and SYM is ticking up quite nicely from my 3 3/4 cost (that one is still a screaming buy in my opinion). GTSI I got the bottom, and every so often it pops 15% and gives me a chance to sell some shares. I hold half my position now to sell on a bigger pop or to take back to a full position at that magic 2 3/4 level where the stock always seems to bottom. Of these, I would buy SYM aggressively at the current level if I didn't already own it, with a price target of $6-10. If you're still holding BL, I think you really need to think hard about the news that is destroying Federated Dept. Stores (their Fingerhut sub is killing them and that is the closest comp to Blair). GTSI just put in a limit order for 2 3/4 if it starts testing that level again. EBSC I am looking for an exit, though it has held $4 tenaciously so downside looks limited in the short-term at least. I have found HBI requires nerves of steel - I still think this one has a reasonable probability of a double or triple, but boy is it hard to own.

To: Michael Burry who wrote (10971)	7/21/2000 9:23:52 AM
From: JSwanson	Read Replies (1) \| Respond to of 78705

You wrote: BUT all these do is take the slowest growing, most depressed big-caps and through them togetther. I think most value investors would agree that there is not much reason to call that value investing. I would submit that is what all indices do whether its the Wilshire, Russell, S&P 500, etc. All indices tend to be a random combination of stocks where ANY investor would agree that there is not much reason to call that investing, period. Further, I think you'd be surprised to know some of the names in these value indices and question whether they are value stocks at all. Example: S&P/BARRA Value contains 390 stocks including Kla-Tencor, Hewlett Packard, Motorola, American Express, Novellus Systems, American Intl Group, Disney, and on and on. Russell 1000 Value contains 758 stocks including GE, Wal Mart, American Intl Group, Coca Cola, Hewlett Packard, Johnson & Johnson, Qwest, American Express and on and on. Short of creating your own index based on your investing style (screening techniques, similar attributes and fundamentals) there will always be issues associated with finding an appropriate benchmark to measure portfolio performance. It is not unique to value investing. I do agree with you that a comprehensive universe comparison is a better way to go in determining the relative performance of a manager but those typically come at a cost. Cheers, JS