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

To: Paul Senior who wrote (3659)	3/26/1998 8:23:00 PM
From: Michael Burry	Read Replies (2) \| Respond to of 78661

Note Mike's portfolio. No stocks reported bot prior to '98. (No time diversification.) Not true. SJP, HYDEA, DSWLF, and TBR all bought in 1997, just benchmarked to Dec 31st. 10-12 positions way too risky I don't see it that way. Non-market risk is about 90% eliminated at that level, and it takes orders of magnitude greater numbers to move up to the high 90's. Is there statistical justification for the higher numbers, or just personal preference? I know I could not hold 50-100 companies and know them all. Mike

To: Paul Senior who wrote (3659)	3/26/1998 9:37:00 PM
From: Terry Maynard	Read Replies (2) \| Respond to of 78661

To set the record straight on Al Frank, his margined return for the period from 1977 thru the first six months of 1995 is 22.92% annually, hypothetical unmargined 16.95% annually and the S&P 500 14.48% (est.) annually. You buy HWP if you have the cash. Otherwise you wait till one of your carefully researched and held value stocks reaches full value. At that time it is sold and if HWP is still a value it is bought if is the best value. One of the subtleties of this process is the fully valued number is always changing based on the fortunes of the stock. Just my thoughts. Good Investing. Terry