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Strategies & Market Trends : Value Investing
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To: Spekulatius who wrote (33268)1/12/2009 1:54:26 PM
From: Jurgis Bekepuris   of 78744
 
Ignoring to second guess management speak has in the past led to considerable losses for me.

As I said, there are only few companies into which you can invest without second-guessing. On the other hand, if you invested in BRK and second guessed Buffett, I don't think you would have lasted a year. He does a lot of things that need to be taken on faith or not at all. Most of companies that he invests into are easier to hold without second-guessing. E.g. if you hold PEP or KO or JNJ, you really can forget what's happening and not concern about management a lot. Not many such companies though.

Your thoughts about preferreds are similar to mine. With a lot of stocks low, the "somewhat-guaranteed" 10-15% yield is not necessarily better than expected (but not guaranteed ;)) 2X to 3X return in stock prices.
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