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

To: Paul Senior who wrote (5619)	12/31/1998 12:52:00 PM
From: Michael Burry	Read Replies (2) \| Respond to of 78751

Last year, I did well by heavily acquiring companies which appeared down for tax-loss selling. By the end of March I was up 20% in a diversified portfolio, largely due to unexplained bounces in depressed shares on no news. I've since lost it all and feel lucky to have ended year even, but I count at least one year - the only year I tried to play it - as a successful January effect play. Once again this year, I'm heavy into depressed shares - CSE, DSWLF, ELAMF, LHO, FINL, TBL, MWY, NE, RIG, TDW, MPP, LTR, BHP, USU, WHX, UBB, TIE - most of which have had a little extra pressure the last few months. So this'll be my second experiment with the J effect. Mike

To: Paul Senior who wrote (5619)	1/9/1999 9:30:00 PM
From: Michael Burry	Read Replies (1) \| Respond to of 78751

Well, tracking that Jan effect. My portfolio as posted on my website was more or less my second experiment with playing the Jan effect - just about every stock had the potential to bounce. And it is happening. I'm up 9.50% so far this month. Yeah, I know, Amazon.com has already nearly doubled again, and anyone in internet stocks would be doing better than me. But the Nasdaq is only up a little over 6%, and it's had a heck of a run since the year started. So with my diversified portfolio of relatively unknown, unheralded, huh-at-the-cocktail-party stocks, I feel that my gain so far is real, and that the Jan effect is in fact still working - so far. Just saying that yes the individual investor can still benefit from this oft-heralded, oft-disparaged phenomenon, and value investors are likely the ones most capable of taking advantage of it, IMO. Good investing, Mike