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Strategies & Market Trends : Gorilla and King Portfolio Candidates
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To: Seeker of Truth who wrote (46064)9/1/2001 4:41:41 PM
From: RobertHChaney  Read Replies (3) of 54805
 
Your comments would seem to support a direction I am trying to perfect for my tech stock investing - to mesh the great Gorilla Game concepts with my original investment success model Warren Buffett, to create a hybrid strategy. Under this strategy, competitive advantage, market, management AND VALUATION (as you suggest) are all given about equal weight. Great competitive advantage is absolutely a critical ingredient, but would not be sufficient on its to own to merit investment. A bad market can be fatal regardless of the other factors. Look at company namesake Berkshire Hathaway textile business as his greatest failure and poor results in US Air. Problem management can screw up any "business franchise" (his name for a Gorilla in his focus areas). Consider Coca-Cola during decade prior to his investment, & Salomon Bros afterward his investment. And as you have suggested, paying any price for a Gorilla can lead to poor returns, regardless of magnitude of the competitive advantage or the investment holding period. I guess the "tech wreck" proves that. He also has never made an investment in certain great business franchises he talks about, because he either did not feel comfortable with the market or never saw a price point he felt was very reasonable.

Does your experience in tech stock investing support my emerging strategy? Any recommended modifications or additions?

Thanks,

Robert
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