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

To: Ed Pirtle who wrote (7182)	5/17/1999 8:56:00 PM
From: jeffbas	Read Replies (2) \| Respond to of 78465

You are asking the wrong person. On AAPL, there is a difference between $44 and $34 for a value investor. Furthermore, the BIGGEST investment mistake I have ever made BY FAR is to buy value in technology instead of the leader. I believe the only investing strategy in technology that achieves consistently good results is wait for some decent correction and buy the best. Too often, technology turnarounds don't turn around or turnaround twice, ending up where they started. A second tier value technology company is more likely to end up third tier than first tier. (The above is not intended as a specific comment on AAPL.)

To: Ed Pirtle who wrote (7182)	5/17/1999 11:56:00 PM
From: Michael Burry	Read Replies (3) \| Respond to of 78465

It seems to me that AAPL is incredibly undervalued I don't know you at all, and while I agree with the endpoint of your analysis, I don't agree with the means with which you got there. I like AAPL because it IMO is now a bona fide value stock on an enterprise value/ratio basis, and is generating tons of cash. I see loads of opportunity, an extremely strong balance sheet, and little downside. And I see a huge contrarian play because a generation of security analysts have been trained to think that whatever is wrong with this world, AAPL is a part of it. What the price will do in the next 12 months, I don't know. Whether day traders will ever mature, I don't know. Whether value will even become more important over the next year, I don't know. I just see an absolute value in AAPL at recent prices. I do feel the greatest margin of safety was back at 34 when no one ever thought it would move, but that there remains a margin of safety for longer-term holders. For other tech value, I'm now a proud shareholder in Oracle at 24 3/8. 30X earnings, so you gotta understand the business. After consulting with some techie friends and family and doing some DD, I finally do. It goes in the long-term hold, Buffett-like stock for me. Pairs to my AAPL and my APCC as Buffett-like tech stock long-term holds. OK, Jim, now you can call the end of the bull market. I've gone into tech. Mike

To: Ed Pirtle who wrote (7182)	5/17/1999 11:57:00 PM
From: Bob Rudd	Read Replies (1) \| Respond to of 78465

Ed: Steve Jobs has done an astounding job resurrecting AAPL from the grave...However the standards are still stacked against AAPL. True, there are some folks that can be persuaded to go for stylish colorful boxes in place of greater functionality, software availability, compatibility, and assured survival of the Wintel standard, but their numbers may be limited. This thing could still flip and die. That's what the PE is saying. Suggest you might consider reading The Gorilla Game to get a better handle on the power of standards and how they come about.