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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (12342)	4/15/2001 11:23:29 PM
From: Q.	of 78822

If the only stocks trading at deep discounts to net-net are cigar butts (and I've found that's largely true in today's market), that might indeed lead you to the correct conclusion that today's stocks are priced more richly than in Graham's era, when he bought the titans of industry for 2/3 net-net. Doesn't mean that you'll make the most money by staying in cash, though. As for backtesting, I wish I could afford the tools to do it. O'Shaughnessy reported quite a lot in his book, but he just used simple one- and two-parameter screens. If you want to buy only low p/b stocks with high one-year-relative strengths, which was one of his more successful screens, that's good. It's as fancy as his criteria got. I wish I could backtest more elaborate criteria, because I'd guess you can do a lot better than his basic one- and two-parameter screens. BTW, nice grub on post #12345. Bet you didn't even notice it.

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