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Strategies & Market Trends : Buffettology

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To: Michael Burry who wrote (1705)7/24/1999 11:28:00 PM
From: James Clarke  Read Replies (1) of 4661
<<Now I've just been asked to manage a couple custodial counts for a couple just-born nieces. They'll need the money in 18 years. And you can bet Disney will be going in those too, at the right price.>>

My first baby is scheduled to pop out in three weeks, and I am starting a college fund right off. I'm thinking the same thing as you are about Disney - just waiting for the right price, then in it goes. Maybe that price comes during a market meltdown, maybe it comes without one. (I am in no hurry to invest this account with the market at 30 times earnings and interest rates going up.) The problem with this patient strategy is that my wife has loved Disney since she was a little kid with her Bambi blanket in Japan 35 years ago. So ever since I told her I'm looking at Disney she asks me every day why I haven't bought it yet so she can get the annual report. So if I miss it, I am going to have hell to pay.

"Run by morons" was probably a facetious comment. Eisner had a hell of a run with this business for five years. But the guy has always struck me as sleazy - maybe it was the half a billion of options he cashed in near the peak, maybe it was the board's payoff of several other executives to the tune of $100 million each. But I don't like to see sleazy management running a company with Disney's image. They do not behave like owners.

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