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

To: James Clarke who wrote (6865)	4/21/1999 1:33:00 PM
From: Michael Burry	Read Replies (1) \| Respond to of 78525

I got ripped today on both Borders and Robert Half. Thanks to diversification, my port is down only 2%. Thanks to raising some cash yesterday, I can buy a little more of both. Mike

To: James Clarke who wrote (6865)	4/21/1999 2:27:00 PM
From: Michael Burry	Read Replies (2) \| Respond to of 78525

I actually reinvested quite a bit of my cash today. I bought more MO, more Robert Half, more Borders, more Apple. With most of these I was cash-constrained when I initiated the positions, so I was just waiting for the cash to become available to take a more substantial position. After reviewing my watch list, and my holdings, these four stood out as being definitely better than a new pick. I also bought two new ones. All of these are long-term holdings in my view. IMO I've converted some of my deep value "pop" money into some quality companies with good long-term records. The first is American Power Conversion (APCC). Trading at historical lows on ratio analysis basis. Seems to have a good amount of brand equity in the power field, which I can imagine will only grow. There's been some new competition which has knocked down their ultra-high returns a bit. But a little investigation with some tech-savvy friends say this is boring, but essential to just about any large enterprise. Well, it may fall a bit, and it's not a deep value, but it's not a used cigar butt either. The other is HRPT Properties Trust (HRP). I've already got a luxury hotel reit (LHO), a warehouse reit (EGP), and I wanted another subsector of REITs that had been killed. HRP seems well-managed in a time of turmoil for health care REITs. A decent yield, with a relatively low D/E. Still got a little cash to spend. My intent is to spend it. Mike