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Strategies & Market Trends : Value Investing

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To: Dave who wrote (20160)	12/3/2004 7:58:46 PM
From: jeffbas	Read Replies (2) of 78525

In my opinion, the stocks with the most potential are microcap stocks which are "mispriced". In my opinion, all stocks trade above or below "fair value" most of the time. Their tiny size and volatility leads to much greater "mispricing" opportunities in microcap stocks. I think it takes exhaustive analysis to identify such opportunities and, in my experience, I would not say that book value is a material factor. What is "mispriced"? For me, I determine where I think a company can be in a few years, what that performance would be worth then, the likelihood of it happening, and how does that compare with the current price. If the potential gain is exceptionally large, that is mispriced.

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