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Strategies & Market Trends : Value Investing

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To: Doc who wrote (97)12/21/1996 3:03:00 PM
From: Michael Burry   of 62533
 
Doc,

Buy and hold becomes mantra at the end of a bull market.
Buy and hold becomes anathema at the end of a bear market.
Thanks to the raging bull for those 10 years, everyone is preaching buy, hold, patience.
However, if you had invested in the market in 1969, you would
be at a significant loss in 1983, especially given the high
inflation of the times and the down market. In the early 50's, the common logic was that stocks simply don't go up, thanks to the doldrums market from the mid 30's to the mid 50's.
Why can't this market conceivably crash from these levels and not recover for 20 years? I guess I am just a bit of a contrarian.

Mike

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