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

To: James Clarke who wrote (6737)	4/14/1999 7:42:00 PM
From: Michael Burry	Read Replies (3) \| Respond to of 78602

I was just getting to post the same sentiment re: rotation, but you beat me to it. Except you're the institution, and I'm the guy on the street. I'm long NH and short AMZN, so I noticed. my reason to sell half my portfolio a month ago, that there is no way this market corrects without everything correcting. Jim, you've made good calls in the past. But long-term do you really see yourself a market timer forever? There were lots of good companies for sale. You knew it. SO CHEAP in fact that I had to speculate a few days ago that your view might not turn true, but that instead we may actually get the narrow leaders crashing while our value stocks rise. The sheer suicidal frustration of value investors tipped at least me off to this, but also the valuations. What made you think that the REITS would get cheaper? That Ag equips could get cheaper? That manufactured housing would get cheaper? And even if they did, no biggie because it wouldn't be sustainable. Brazil was also up big today. Value will out... I did have one stock down big for me today. Deswell. That piece has been one huge ball and chain around my foot. Still gotta believe. And over on TheStreet.com, Cramer is saying he's buying into internets and selling his cyclicals. Selling his cyclicals? Who's he kidding? Just trying to look good for the cameras. Ironically, I was hoping that this wouldn't happen yet. I've been putting together an investment limited partnership over the last few weeks, as the market made new highs and value stocks got cheaper. It's taking a while to get my ducks in a row. Here's hoping the rotation is temporary, Mike

To: James Clarke who wrote (6737)	4/14/1999 7:53:00 PM
From: Michael & B.Anne	Respond to of 78602

There could be something very big happening here. me too, this whole thing has been like a picnic when all of a sudden the birds stop birding and crickets stop cricketing and it starts to get cold and you think it is time to head to the car. But I have been feeling that for three months ... and if it happens, could not be a better day than friday (or a few days after) when all the '98 IRA contributions are no more. but I am betting (have bet) that the whole thing does not come down, rather nasdaq comes down a fair amount, the .com's get hit big and the main market only a little and only for small amount of time. There is too much recent history and hype about the market and recent rebounds. Rather the "experts" will all conclude that this is merely another example the dangers of "playing in the street." And given the recent profits and mass advertising by the brokerages, funds, lenders, hucksters and friends a rejuvenated set of fund managers and investors will move back into value stocks ... maybe merely wishful thinking .. but I am holding onto my BRK's "until the eagle grins." regards