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

To: James Clarke who wrote (4367)	7/8/1998 11:45:00 AM
From: Michael Burry	Read Replies (3) \| Respond to of 78745

Well, New Holland preannounced, which accounts for its fall I presume. The charts told the story on this one. Crashing through strong 23 support several weeks ago and then a 400% volume spike the day before the preannouncement. On the NYSE no less. This tells me that I am not in tune with the movers of the stock. In the future, the same leakiness will guarantee that I and John Q will be the last to hear bad news. Makes me wonder why I'm holding it if I have now confirmed to myself that I can't properly analyze the the stock because I have neither the same timely fundamental information as others nor access to leaks. But I'll hold it because I still see a strong balance sheet and cash flows, very positive earnings, a decent dividend, and a play on any Asian rebound. Quite a pyrrhic task this value investing has become. News blurb yesterday says that the co-founders of Yahoo are both officially billionaires now. Company started 4 years ago, and now a 12% stake is worth a billion bucks. They join the founder of Amazon, who has been a multibillionaire for a few months now. Thousands of millions on no earnings. I've been a permabear since mid 1997, so I'll be the first to admit I don't understand the current investing climate. I have a hunch that 15 years from now I'll be glad I experienced it though. Good Investing, Mike