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Strategies & Market Trends : Value Investing
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To: James Clarke who wrote (9663)1/16/2000 4:49:00 PM
From: jeffbas   of 78717
 
I have always tried to buy growth at a value stock price -- close to book value and the like. That has led me more often than not to busted technology stocks (like XICO, my largest holding thanks to your last sentence), where there was some sort of problem, with the trick being to determine whether or not the problem was temporary. Still, I have tended to think I was buying a value stock versus a growth stock. The idea that I was buying a value stock (which might or might not be a growth stock) versus a momentum stock is interesting.

I personally think of it more in terms of buying high valuation versus low valuation. For example, EBSC is clearly a low valuation stock, while MSFT is a high valuation stock (like the "nifty-50" 30 years ago), but not necessarily a momentum stock. For me, low valuation does not always mean a traditional value stock. What I really look for in an investment is something that catches my eye and leads me to give it my highest accolade "the stock is mispriced". An example of a non-traditional favorite category of mine might be a company which has had non-fatal problems and a depressed stock but has attracted new first rate mgmt investing significant money in the company. (Nearly 50% of my current holdings have that as one characteristic.)
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