Thanks for your observations, Brendan. Lot of meat in your post. I'll comment on just a few areas:
If you believe value investing is discounted present value, then I assume you would be calculating that summary number - if you had the "time, information, and resources" to do so. You don't, so you don't??
Right, I try to keep purchases of a particular stock to not more than 3% of the portfolio value. But I fudge: If I want to buy more of the stock than 3% of a portfolio, I'll add it to more portfolios. I've even considered starting separate, additional portfolios. If the stock subsequently has a good move, I'll try to find the courage to let the stock run as far as I can.
I believe "professional rigor" in analyzing stocks is a debatable proposition. All those funds holding ENE -- these professionals didn't see it coming? Not even sure about "professional rigor" just in holding stocks. These guys panic just like anybody else, it often seems to me.
Paul S.,who
has "eaten small slices of humble pie" many, many times.
Large slices too, sometimes. |
