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Strategies & Market Trends : Value Investing

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To: Investor2 who wrote (3398)	3/2/1998 9:25:00 AM
From: Honest Abe	of 78669

I2 - I have to empathize with Paul's statements. I have sold stocks in the past in which I felt the 'story' deteriorated. I have only sold one stock because it had become 'overvalued'. That was Microsoft at 88 with a 90% profit. What a huge mistake. On the other hand, I have held TXN from 9/13/96 ($23.5 split adjusted) up to $71.25 around 10/97 (+203%) down to around 42 in 12/97 (-41% from high, +79% from purchase) and back to 58 today (+147%). So, sure I have had a 41% pullback at one point, but even at that low I was up 79% in 15 months. I would be interested to see how many people who had been in and out of TXN made 147% in the last 17-18 months. The two other things I like to take into account, in defense of buy and hold, are the positive tax implications as well as buy and hold's track record - Buffett is the most successful, documented investor ever, and he is buy and hold. Why argue with that?

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