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Strategies & Market Trends : Value Investing

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To: anializer who wrote (29025)	11/18/2007 12:12:12 PM
From: Jurgis Bekepuris	of 78742

Anializer, sorry, but I don't do charts and I don't believe in selling because stock is dropping. IMHO, most of the people who sell falling knives never reenter the positions or do not reenter them at better prices and so miss out on the subsequent gains. I do sell at a loss when the business has fundamentally changed or if I cannot be certain in my calculations of the business' intrinsic value. However. :) Most of my positions are companies that have no or very little debt, are profitable and have earned >15% ROE for the last 5-10 years. Most of them have almost no chance to go BK or to see their business disappear. These facts make the holding through declines and adding to positions while stocks are falling much easier. SPF is different. It is much more Marty Whitman investment than a Buffett investment. And even Marty may not touch it with a ten-foot pole. :) So it's the digging in the dumpster investment. :) I am not an expert in these kind of situations, but I decided to see if I can learn something from them. I'll let you know what I have learned when we are done with this debacle. ;)

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