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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (16196)	1/19/2003 1:06:00 PM
From: Dale Baker	Read Replies (1) of 78683

This topic may be reaching the unofficial thread limit for "enough is enough" but my last word will be a slightly different twist: does anyone have data or a set of anecdotes to indicate that value investing without stops performs better over time than an investor who does use stops to limit losses? It's probably an unanswerable question but there is rarely much discussion about portfolio performance here. Frankly, sometimes the devotion to purist value investing takes on ideological overtones. The name of the game is to make money and keep it over time. If your value judgments are correct then not using stops is a plausible strategy. But has it worked for many people except Buffett? Just wondering out loud how Bill Miller, David Dreman, Wally Weitz and the other value hounds handle this issue. Every value investor or manager is going to be wrong at least a quarter of the time and maybe perilously close to half the time. Where do they decide to but their losses and move on? All these questions and no ready answers...sorry about that. ;<)

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