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 Strategies & Market Trends : Value Investing

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To: James Clarke who wrote (10795)6/28/2000 9:30:00 PM
From: Michael Burry1 Recommendation  Read Replies (1) of 51592
 
Jim, that takes guts. Not to buy it. To post that you bought it. I won't buy it at all. I don't see a margin of safety, and I do believe margin of safety should apply in all cases. But on the other hand, I think we should all remember AOL when everyone was thinking it was little kiddies internet. Then it became baby boomer's internet all of a sudden and the stock was off to the races. When all those people were quitting the service, someone was looking at how few were quitting relative to how many people should have been quitting. That someone got rich. Visionaries can get rewarded, and I see your point on Amazon. But if baseball is a game of inches, then investing is a game of tenths of percents across the portfolio. And hence it is hard for me to justify buying a lottery ticket, which is exactly what Bill Miller does from time to time. Granted, the lottery is somewhat rigged in his favor by his design, but it is still a lottery ticket.

Good investing,
Mike
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