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Politics : Ask Michael Burke

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To: Freedom Fighter who wrote (72805)	1/4/2000 11:17:00 AM
From: BGR	Read Replies (1) of 132070

Wayne, Sorry that my frustration shows. However, if I buy a house for 250K in 1990 and it sells for 500K in 2000 (outpacing inflation), then it was undervalued in 1990. By this measure, in hindsight the market proved AJC to be absolutely right in saying that markets were undervalued in 1996, 1997 and 1998. Ignoring the market and sticking to one's value model is a tautology, indulgence in which is extremely frustrating. The way your point came across was this: if the market doesn't go up following value investment rules, the rise is not legit. What about the other logical alternative, that value investing philosophies are a load of bovine excrement, something that doesn't work in practice for starters and may not even be quantitatively defined (I have asked for this definition in this thread several times). But I apologize again for displaying my frustration. -BGR.

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