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

To: Paul Senior who wrote (4176)	5/27/1998 11:51:00 AM
From: Michael Burry	Respond to of 78571

I'm in at APF and India Fund. Also in at Telebras, Deswell, YPF. All markets that have gotten hacked. I've bought these over the last 6 months or so since October, and I don't expect to sell for really any reason in the next few years. But you're right that I'm not a buy and hold investor in rich markets. I'll buy stocks that seem to have value at price points that the market seems to have supported over the long-term. I firmly believe in psychological price supports for stocks. I state clearly on my web site and around SI that I use technical analysis. It's my way of dealing with the fact that I often can't get past the IR guy (and sometimes I can't even get him) when a stock sells off on high volume to new lows in the absence of fundamental news. This stems from my belief that market effiency is a vanishing dust that is sprinkled over the market. But it doesn't prevent me from holding value stocks bought in down markets. Mike