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Strategies & Market Trends : Value Investing

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To: Bucky Katt who wrote (1396)	6/22/1997 1:04:00 PM
From: Paul Senior	1 Recommendation of 78717

William Jepsen: I'll just take a moment to respond to your earlier comment that "To really make serious money on a stock, you have to work and sweat a bit to find what everyone else does not know." That is not supported by data - as far as I can tell. Based on what I've experienced and what I think I've seen, it's not just so clear cut as you imply. The issue was discussed by value investors in Bloomberg Personal Mag (May/June '97, p. 93). A statistical vs. company specfic game someone called it. Ben Graham would have taken the statistical approach (which of course is: obtaining only limited info about each of a bunch of stocks that fit certain parameters). In my experience - I've always assumed I have information that everyone else has, and I've never felt I made money because I knew what others didn't. I mean I own several widely-held large caps - how the heck could I know something others don't? For me - it's what one does with the info that is readily available, not about having to get a leg up by doing superior stock-specific research to get superior information and superior returns. In other words I question whether superior stock research leads to superior results. No studies I am aware of have shown this (finding out what others do not know about a specific stock) as a recommended or necessary way to invest long term. Okay, I will give you some points: I'm not defining "serious money", so maybe I've never actually made serious money by your definition; And maybe we are different types of investors. ---Your method works for you... can't argue with that -g-. Paul Senior

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