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

To: Michael Burry who wrote (4761)	8/22/1998 12:31:00 PM
From: Paul Senior	Read Replies (1) \| Respond to of 78602

Mike: re beating the market. I don't see it relevant or important. Objective I think is to make and keep money because the goal is creation of wealth. What's the point of beating the market when market is down 15% and individual is down 10%? That's the easy point to see of course because, investor still lost money. Not so easy to see on upside, but still valid. So what if market is up 15% in a year and individual is up 11%? The 11% gets one moving to one's goal. After all this thing of investing is a process--- it's something that's going to be done for 50 or more years. (That is, investing in all its asset allocation forms-- adjusting bond/stock/real estate/cash/savings components based on family/lifestyle changes.) Holding oneself to artificial goals like comparisons to S&P performance or to others, IMO diverts attention,leads to frustration, and encourages faddish investing. JMO. Paul

To: Michael Burry who wrote (4761)	8/22/1998 10:44:00 PM
From: James Clarke	Read Replies (1) \| Respond to of 78602

Mike, Mike, Mike. We are in what looks like the final catharsis now. The 20% underperformance of basic cyclicals this summer was the worst by far since at least 1963 - that is as far as my data goes back. The summer is typically a poor time to own these stocks, but this is unprecedented. The day you throw in the towel and turn to growth investing, please tell me so I can short the S&P and buy the ones you sold. Because when an investor like you sells stocks like these, this far down, that would define a bottom for me. i.e. everybody who would sell already has. Jim