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

To: John Stichnoth who wrote (6347)	3/18/1999 12:20:00 PM
From: Michael Burry	Read Replies (3) \| Respond to of 78826

Some recent moves : Sold 1/2 my position in Finish Line (FINL) given the huge run-up in recent months. Still have a full position, though, and feel the company is positioned for long-term success, with excellent management during this downturn in the industry. No doubt the NCAA tournament has helped, and now with the return of baseball (IMO, the fever is back among fans thanks to last year's HR battle), FINL might get an unexpected tailwind. Sold 1/2 my position in Telesp Cellular (TCP), Brazil's best-positioned cellular player, due to sheer overweighting in my portfolio. I had averaged down aggressively when it got to the 13's, and now the position just got too huge. Still have a full position. I'm retaining my overweighted position in Unibanco (UBB), which is now my largest position with the TCP sale. I added to Deswell at a recent 8 7/8, and as noted I established a new position in CPU at 5 3/4, but the sales above leave me with enough cash for two more positions. Looking at Philip Morris (MO, due to long-term track record), JD Edwards (JDEC, due to long history of mgmnt, and conservative, good positioning in ERP industry for rapid reversal of fortunes in its mid-market focus), Men's Wearhouse(SUIT, my ValueStocks.net March pick of the month), and Informix (IFMX, well on its way to turnaround but getting held down artificially IMO by previous buyers at higher prices getting out). I still like every position in the ValueStocks.net fund and I am considering a position in Theragenics (TGX), the Jan pick given its strong balance sheet/demographics at its back/better product than comp/insider buying offset by its having only one product and being biotech, but with the run-up in oil and the ag equips the gimmes are getting fewer and far between IMO. My dilemma of when to sell my winners is still a Q I wrestle with. After all they keep going up. I'm finding that I feel best if I unload half a position after a substantial quick run of 70-100% and redeploy to a deeper value situation soon thereafter. Any other suggestions for value investors? I for one am wary of the quick spikes that many traditional value stocks have been making in this market, only to fall substantially when the liquidity dries up. Mike