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Strategies & Market Trends : Value Investing
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To: sjemmeri who wrote (11792)1/11/2001 10:00:20 AM
From: Kapusta Kid  Read Replies (1) of 78921
 
Steven and Paul -- While the idea of buying stocks which have already moved up is somewhat counter-intuitive to a value investor, O'Shaughnessy's rationale makes sense. You have found a "cheap stock". It could get cheaper. The relative strength tells you that whatever caused it to get really cheap has probably changed or been corrected.

Like Steven, I'm building portfolios based upon JPO's screens; actually, they're more like lists at this point, since I don't think we're anywhere near the bottom. I still remember 1990 and buying good companies with a PE = 3. I know, that's market timing. But "the bottom" will be in when blue chips start making my lists. I may have to wait a long time; until then, I'll cherry pick, as Steven does.
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