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

To: Paul Senior who wrote (4396)	7/9/1998 10:47:00 PM
From: Michael Burry	Read Replies (2) \| Respond to of 78751

I'd want NH precisely because of its emerging market exposure. It continues to expand and remains tremendously profitable even through this trouble. When the trouble ends, NH should benefit. It is aggressively expanding its finance arm - with success. I just don't see a signficant downside in the cheapest stock in one of the cheapest market segments. They have a great informational web site: newholland.com Oh well. Honestly, I'm bearish about all sorts of things, but I'm having no trouble looking around and lusting after stocks here and there and wishing I could buy more of the ones I already own, which are down about 4% in the last two months. Mike

To: Paul Senior who wrote (4396)	7/9/1998 11:52:00 PM
From: James Clarke	Read Replies (1) \| Respond to of 78751

Thanks Paul. One of the best tests of a value investment is when an astute investor goes in trying to make a sell case and ends up buying the stock. You're not there yet, but it sounds like you're a lot closer than you were this morning. For those of you who like investment books, David Dreman's Contrarian Investment Strategies is pretty good. He's not the best writer in the world, but he presents some interesting statistics and viewpoints about how silly forecasting can be. This is a pretty dense read, but its probably something a scholarly value investor can take something out of - it addresses the issue of value investing in the "modern" market (essentially he says just do what worked for the last 50 years). Jim