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Strategies & Market Trends : Value Investing

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To: David who wrote (7390)	6/5/1999 11:38:00 PM
From: James Clarke	Read Replies (1) of 78652

David, way to go on Hyde and I for one hope to hear a lot more from you in the future. Your last post should make any net-net investor think hard. Do you buy and hold a net-net. I emphatically say no. I take that early gain and cash it in, thus I will miss triples. But Jan Bell (credit Mike Burry with this one - it was his pick and a close friend of mine bought it on Mike's work) is where my strategy wins. My friend cashed in for a 60% gain on my recommendation, then kicked himself (and me) when the stock doubled. Now he's looking to buy it again at even lower than his first buy. There are certain stocks I will buy and hold - first and foremost it has to meet the Buffett criteria - Am I extremely confident that this company will earn MUCH more 10 years from now than it does today. In my thinking, net-net investing is a different game, because a net-net virtually never meets that criteria. I am playing for the easy money - once they are not a net-net, I have very little interest in owning the business. On these two examples, though, you win. Your home run in Hyde more than made up for your round trip of Jan Bell. I would be very interested in what you are buying today. Jim

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