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

To: James Clarke who wrote (1146)	3/15/1999 1:44:00 PM
From: Michael Burry	Respond to of 4691

everybody's ignoring the obvious conclusion. Ignorance is bliss. As you know James, no one cares, and they're making money all the same. So I'm at the VA hospital this am eating breakfast, and two janitors are talking stocks: "The stock keeps going up, but nobody's buying it because they're afraid it will go down, but here's the thing, all you have to do is sell before it goes down." True story. Mike

To: James Clarke who wrote (1146)	3/15/1999 2:16:00 PM
From: Freedom Fighter	Read Replies (1) \| Respond to of 4691

James, >>Everybody's missing the major point Buffett was trying to get across this year. The Wall Street Journal article today summarizing the Buffett letter was really shallow. What Buffett said in his lengthy accounting discussion is that earnings are systematically and significantly overstated. Reading between the lines, he is trying in vain to point out to investors that the market is not trading at 28x earnings, which itself would be without precedent, it is trading at more like 40-45 times economic earnings. This statement should be rocking the market today, but everybody's ignoring the obvious conclusion. << I agree 100%. I think this helps demonstrate that the environment is NOT being driven by some fundamental change in the economy or business values. It is out of control speculation...essentially greed and ignorance. That's why Buffett also said it was dangerous on Nightline. Wayne

To: James Clarke who wrote (1146)	3/15/1999 5:32:00 PM
From: Michael & B.Anne	Read Replies (1) \| Respond to of 4691

" Reading between the lines, he is trying in vain to point out to investors that the market is not trading at 28x earnings, which itself would be without precedent, it is trading at more like 40-45 times economic earnings. This statement should be rocking the market today, but everybody's ignoring the obvious conclusion. JJC **** JCC I think you got it just right .. I am thinking of selling rare tulip bulbs on the internet ... look for my site and IPO soon tulipbulbs.com ... it has to be a winner. I only wonder if I still have time. sigh