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Strategies & Market Trends : Value Investing
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To: Dale Baker who wrote (16368)2/6/2003 5:24:08 PM
From: Paul Senior   of 78680
 
Dale Baker: "An interesting perspective on our recent discussions about strategies..."

I'm not one for competitive investing. Where the goal is "show a profit in years the indexes are down, and beat the S&P 500 in years it shows a profit." I'm more driven by achieving absolute dollar amounts in a future year.

And of course, I'm one for averaging down.

It's my opinion that this question and answer from Bill Miller in that Barron's article is more relevant to value investors:

Q: You have bought this (edit: Kodak) all the way down. Can you talk about that strategy?
A: Lowest average cost wins. It's rare for us to pay up for anything, and it's common for us that if the stock goes lower after we buy it -- and it always does -- we will buy more of it. If we're not buying more of it, then we'll be selling it, because it doesn't make any sense to hold onto a declining position without putting more money into it or changing the weighting in the portfolio.
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