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Strategies & Market Trends : Value Investing

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To: James Clarke who wrote (9433)	12/29/1999 1:16:00 AM
From: Freedom Fighter	Read Replies (1) of 78518

James, IMHO there are a few things holding back BRK. One is that General Re is having a legitimately bad year and almost all the PC and Reinsurance stocks are taking a beating. Second is that both the bond and equity portfolio are nowhere this year. Third is that interest rates have moved from 5.06% to 6.45% since late last year. Fourth is that most of the articles I've seen don't understand how great Geico is doing because they are focusing on GAAP earnings instead of the growth of policies in force. Expect Warren to talk about this in the Annual Report. Fifth is that I think some in the media are enjoying tearing him down a notch. (jealousy) Sixth is that there are a lot of complete idiots out there that think if you buy a stock at 75x earnings and it goes to 100x earnings despite slowing growth you are a genius and if you didn't you are an idiot. I can't believe that Warren is taking heat for avoiding technology. Seventh is tax selling. General Re's problems are most likely cyclical and could even partly reflect more conservative reserving. Interest rates are up so that is legitimate. The rest is nonsense. I still think it's a value at this price. Maybe not a screaming value but better than most. Wayne

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