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

To: Paul Senior who wrote (4168)5/26/1998 11:14:00 PM
From: Michael Burry  Respond to of 78565
 
When I read the redemption numbers for Latin America - listed
on the same page as the inflow numbers for the US - it was
pretty shocking. The traders in Latin America keep saying that
it seems like the stocks only react to bad news, and that
sometimes the falls make no fundamental sense. What that tells
me is that you are having irrational redemptions from people
back here and elsewhere yanking money out of emerging markets
regardless of the specifics of the various countries. Telebras,
as the most liquid ADR for Brazil and a benchmark in both
Brazil and Latin America, sees its liquidity and size drive its
amazing volatility because of this, which is of course the
opposite of what you see in a flight-to-quality country like the
US.

Re: contrarian, could it be the experts are talking up areas
they want their money management arms to get out of? Wouldn't
be the first time.

Good Investing,
Mike



To: Paul Senior who wrote (4168)5/27/1998 12:54:00 AM
From: Michael Burry  Read Replies (1) | Respond to of 78565
 
Even drive these good values
to lower prices as they sell to meet more redemptions requests - which seems to be
occurring as people see prices go lower and lower.

BTW, this is exactly what James and I are waiting for here in the
US. There is absolutely no reason that it won't happen once the
buy-on-dips mentality is broken. I wish I could keep my hands out
of the cookie jar.

Mike


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