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

To: Michael Burry who wrote (3059)	1/16/1998 12:33:00 AM
From: James Clarke	Respond to of 78661

Amen. Mike, you amaze me. Even experienced value investors can learn from reflecting on Michael's essay on value investing. This is a guy who has done his reading and has integrated multiple value strategies, understanding the strengths and weaknesses of each. But ultimately, there is one rule, as Mike has said in more words - BUY THINGS FOR LESS THAN THEY ARE WORTH. Why is that so hard for people to understand? I met yesterday with a REIT analyst from a respected Wall Street firm and he laughed at me when I said I will only invest in REITs that trade at less than the value of their real estate. Seems like common sense, right? But no, for him the more important thing is earnings momentum, estimate revision momentum and "management". He told me that most of his clients don't even know what net asset value is for the REITs they own. I subtly suggested he not bother calling me with his picks. Just in case you were thinking that institutional investors (read: YOUR REIT MUTUAL FUND) are smart.