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Strategies & Market Trends : Value Investing

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To: Grommit who wrote (12389)	5/1/2001 12:14:25 AM
From: James Clarke	Read Replies (2) of 78613

<<BL -- ahem. I was the first to mention Blair.>> I'll second that. Credit where its due. I sold it too, not as well as Grommit - I think I took it from 13 to 17 or 18. I do not own it now. I was sitting forty feet away from Warren Buffett for six hours on Saturday. He was asked if net-nets became available in a big way would he buy 20 of them in Graham's diversified strategy. And if the size of Berkshire is the only reason not to, would he do it with a smaller portfolio? Surprisingly, Graham's greatest disciple said no he wouldn't, though he said one would almost certainly make money if one did that strategy. But he wouldn't do so. Because in an environment where there would be that many net-nets available, top quality businesses would probably also be very cheap too and that is what he'd buy in that environment should it happen again.

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