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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (7334)	5/27/1999 12:25:00 AM
From: James Clarke	Read Replies (3) of 78687

Yeah, I invested in WHX because it was free. And I sold it when it wasn't. (My history on the stock on this thread was a lot more complicated than that, but that is what I intended to do, and it would have meant a 60% gain in about 6 months). That has nothing to do with Michael Porter. That's Ben Graham. Porter becomes relevent when you are looking to buy a business, not dead assets. I don't mean that as a perjorative - I think people who have watched me here know I play both ends of the barbell. I will buy dead assets when they are extremely cheap - that's Graham. (Buy dog sht for half the going price for dog sht) But I also try to understand "assets" in the form of good businesses you would want to hold for a while, provided you get the valuation right. This is a totally different valuation exercise. Porter tells you how to identify such businesses, so does Buffett. Buffett tells you how to buy them at the right price, Porter doesn't. I do not believe value investing is Graham or Buffett - I firmly believe it is both - it requires knowing which is which and applying the appropriate tools to each.

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