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

To: James Clarke who wrote (4748)	8/21/1998 7:21:00 PM
From: Michael Burry	Read Replies (1) \| Respond to of 78599

Yeah, I should have said "except Jim." We knew you were largely cash, and only owned a few high yielding or net net stocks. I assumed that you have been beating the market on down days. I am largely invested in cyclicals that have been beaten down, so I can guess what your study will show. If you count the cash I took out of the market a few months ago, I guess I did ok (I could say I was 33% cash and hence my percentage losses were only 2/3 of what I have sustained). But I had intended to use that to potentially buy a car. Never got up the guts to do it (couldn't get myself to pay that much for such a depreciating asset), so now it goes back to the market (which may depreciate even faster <g>). It means that my account now looks like it's doing a little better, but it doesn't change the fact that my "fully invested" portfolio crashed 20% in the last few months. Anybody else out there beating the market on down days with a largely invested portfolio of value stocks? Please share your secret. Mike