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Strategies & Market Trends : Value Investing

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To: Dale Baker who wrote (16199)	1/20/2003 1:19:40 PM
From: Jurgis Bekepuris	Read Replies (1) of 78670

Dale, The only value manager whose views I recently read is Marty Whitman. His fundamental sells are: - price based - if value of the stock rises above his estimated value - business based - capital impairment, e.g. if company's creditworthiness decreases to some unacceptable level, if company squanders its cash, if some unexpected danger (asbestos) emerges. He also does some portfolio maintenance activity: - Tax-efficiency rebalancing (e.g. sell one semi-equip and buy another to capture taxable loss) Plus he buys debt of sometimes bankrupt companies. He holds it long-term for reorganization gains. He did not mention using stops. I have not heard of any other value managers using stops either, but this does not mean that they don't use them. It is quite possible, that they just don't publicize their technique. OTOH, most of them have annual turnover less than 100% and even less than 50%, which seems to indicate almost no stop use. Jurgis

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