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

To: James Clarke who wrote (2624)	12/3/1997 3:26:00 PM
From: Michael Burry	Respond to of 78632

Re: starter books My problem with Lynch's books is that he didn't use those techniques, near as I can tell, when he was leading Magellan to those winning years. He relied on personal visits with CEOs of major firms, a direct line to anyone he wanted, a massive Fidelity research group, and the last thing on his mind was value. His turnover was incredibly high, and he often made decisions without he himself having fully analyzed the situation. He describes himself as patient with a turnover of 110%. But that's better than his initial 300%. He was very good at it, but to say buy restaurants because you like the sandwich they serve is misleading and dangerous advice to a beginner. Especially for someone who doesn't first understand Graham and Buffett ultra-conservative long-term fundamental analysis. After reading the first four books, I think Lynch's books are good for those that want to know why they shouldn't just throw out the auto stocks or airlines or other things that Buffett for instance dislikes. They are also very good reading, and I think everyone should ultimately read at least one (my fav is Beating the Street). Just my opinion, Mike