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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (16406)2/13/2003 11:59:57 AM
From: cfimx   of 78673
 
>> As in Buffett advertising agency stocks of the 1960's that were profitable because they gave a haircut to companies that used their services (i.e. took 15% of a client's advertising budget)---- I hope I'm looking at some similar model here and a somewhat similar profit opportunity for stock buyers, even though the CE p/e is high (compared to those advert. stocks).

I like the comarison Paul. IN those days, there were three multi-national ad agencies, an oligopoly if you will. There was nowhere else to go for most large companies, and the ad business of course can not be obsoleted by technologies (now its different). I agree that CE was simply priced too high for a value investor. Today is another story. ;-)
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