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Strategies & Market Trends : Buffettology
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To: James Clarke who wrote (2715)1/8/2001 12:02:43 PM
From: Jurgis Bekepuris  Read Replies (1) of 4690
 
James,

Let's add to the controversy... :-))))

First of all, I sold my BRK holdings. There were couple
of reasons. First of all, I always buy too early and
sell too early. ;-) Other reasons concern more
the discussion on BRK you are trying to stir.

1. I don't like complexity of BRK. The valuation of the
company is far from easy. Even Buffett says so when they
(with Charlie) give intrinsic value of WSC but not of
BRK. Someone like Mike Burry or you may be able to
dig through to the bottom. I can't.

2. If one can't value the company, it can
be purchased only on blind faith in Buffett. But then
the problem is his rather old age. Can his successor
manage this superconglomerate? There are reasons to
say "yes" and "no", but the answer is not totally
obvious.

3. Recent Buffett purchases are much more Graham'y.
I was much more comforable with his "Buffett'y"
purchases (we could rename that "brand-with-moat-GARP"?).
This adds even more to the difficulty to understand BRK.
Do I really want to own paint-and-furnishings company?

Finally, I am mostly switching to "brand-with-moat-GARP"
investing and currently mostly own tech (APCC,
INTC, MSFT, SYMC, TLAB). Most likely I am again too
early - or maybe totally out of time. I seemingly
forgot the adage that "value investing in tech is a
train wreck". ;-(

Cheers

Jurgis
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