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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (8717)	10/22/1999 12:43:00 PM
From: jeffbas	Read Replies (1) of 78652

You misquoted me, Paul. In post 8710 I said the TWO most important things in technology investing are management and growth. I agree that quality of management is sometimes hard to determine. However, I would say that it is a lot easier to determine in technology than elsewhere -- in technology poor mgmt rapidly becomes apparent in market position inferior to similar peers. In the specific example I gave in that post and that Armin gave in his response, the investment failure was focusing on balance sheet strength and safety, rather than growth/market position. Your point is well taken about buying both stocks. However, I do not believe that I have the skill to follow a large portfolio and I like to have a degree of concentration where a success (or failure) makes a difference. I have always felt that no more than 10-15 stocks met my skills and provided some degree of diversification. I generally subscribe to Buffett's view of not diversifying, and trying to know the companies as well as anyone. I usually talk to the CEO, and try to establish a relationship over time and am happy holding stocks for many years.

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