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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: yard_man who wrote (28364)	5/21/1998 5:14:00 PM
From: Michael Burry	Respond to of 132070

Re: KO, Buffett Buffett is a very, very different animal. As is Berkshire for that matter. We're talking long- term gains here. If there is very little margin of safety in any other investments, then what is a holder of huge capital gains to do? Sit on them. For the tax bite couldn't be replaced by any decent new long-term opportunities. He can't really sell, and he can't really buy without a margin of safety. I'm sure it's frustrating for him. "There is no longer a margin of safety in this market." IOW, "sell if you can, but I can't without socking it to the shareholders - and for what?" I wrote up a valuation of Berkshire Hathaway for Microsoft Investor. It got a bit hacked in the editing, but my theory is that Berkshire's value is really not driven by the stock prices of its holdings anyway. The other deal is that Buffett is on BOD's and is tight with management with most of these. I'd be shocked to see him sell Coke. Good Investing, Michael Burry