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

To: Daniel Chisholm who wrote (5198)	10/28/1998 1:40:00 PM
From: Michael Burry	Read Replies (1) \| Respond to of 78525

Actually, most of the stocks that I made such a good amount of money off of recently are the ones in which I averaged down aggressively. Deswell I've held since last fall at over 20, and came out well ahead thanks to confidence in my fundamental value-oriented analysis. New Holland got a huge dollop of my capital when it went to 9 1/2, after having first bought it at 23. Asyst got double my original investment when it fell to 6 1/8. Tidewater got a doubling of my money at 17 1/2. And I just doubled down into Midway at 9 1/4. What sort of world indeed? I know fundamental analysis, and I know my version of value, and I still make no excuses for moving in and out of positions with frequency - Paul and I have had this argument before. To each his own, though it may offend purist sensibilities. Certainly Graham didn't require long-term holding periods - holding for 2 years was a failure of sorts. Mike