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

To: Michael Burry who wrote (1519)	5/24/1999 9:44:00 AM
From: Daniel Chisholm	Read Replies (2) \| Respond to of 4691

I think that the discussion of the contest here is in some ways useful. There's certainly the risk that the minutiae of how the contest oughta work will overwhelm the serious discussion and exchange of ideas here, however I think that the contest has so far stimulated some thoughtful examination of things Buffett. I don't know if the contest itself would be a worthwhile expenditure of effort for either the participants or Fred (my guess is that it wouldn't), but we wouldn't really know until (if) we try. If the contest does get off the ground, Michael Burry is probably right about moving it off to a thread of its own. With respect to the useful discussion that this contest has provoked, Buffett's buy-and-hold philosophy is his third incarnation, which comes of necessity due to the size requirement on his investments. What was incarnation #1 or #2? One of them was flipping small caps (see below), what was the other? And his absolute best years - the ten years of his partnership- were not of the buy-and-hold type. He was very successful flipping small caps for rather quick gains when he was able. Exactly this sort of thing seems to be going on over the the Value Investing thread. Are we in the midst of a Golden Age of sorts, perhaps without realizing it? Or are these sorts of opportunities usually available to the diligent value investor? Could it be that by investing as Buffett does now, despite our tiny size, we are giving up the inherent advantage of being an individual, small investor? I think this sentence alone is worth all of the effort and "distraction" that we've spent on the contest thing. Thanks. - Daniel

To: Michael Burry who wrote (1519)	5/24/1999 11:57:00 PM
From: Fredman	Read Replies (3) \| Respond to of 4691

FINAL 'contest' DRAFT: It's very simple: each party gets $250,000 the morning of the first day of every month. They can pick up to 3 picks max a month, and if they don't spend any or all of their money, they CAN roll it to the next month. You may sell one ENTIRE issue evey 3 months starting market close of August 31. This means if you buy 5,000 shares of a stock, you must sell all 5,000 shares of said stock. Revenue from any sale will also be rolled over to the next month, OR put into a one year T-Bill. Buy prices and sell prices will be market close price of buy/sell date. NO OTC:BB stocks period, and NO stocks under $5.00/share, and NO mutual funds, and the contestant needs to inform me of any splits, etc. Send me your picks either via P/M, or normal e-mail, to fredman@nfinity.com, i will NOT disclose them for 60 calender days after the buy/sell date unless you, the contestant, want me to. Maybe this way few will mimic others, but with the diverse sources of logic here, i don't know if anybody will pick the same stuff as the others..... I am also looking for someone else that can co-track this stuff with me: meaning: if i get hit by a truck, someone else needs to take over. any takers ??