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Strategies & Market Trends : Value Investing

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To: Dale Baker who wrote (14765)	7/9/2002 10:15:15 AM
From: Jurgis Bekepuris	Read Replies (1) of 79029

Dale, >My intent was to emphasize that value investing is > not a simple formula you can toss in one book (or >a few posts) like the G&K stuff. I agree that value investing is not a simple formula (though Graham may have disagreed :-))). But then G&K is not simple either. >value investing takes patience, judgment, discipline > and a real willingness to ignore the headlines and >dig into dark, unloved corners of the market. >All of which is the antithesis of GK momentum plays. G&K may have become "momentum" play in the bubble, but it is not necessarily so. I know that I personally have looked at some G&Ks at value prices back around 1996-97 and passed for some stupid reasons (I was trading too much back then). If I had the framework of evaluating the competitive advantages of G&Ks at the time, I would perhaps be richer now. Think of it this way: G&K is Buffettology for tech. As in real Buffettology, valuation matters, but company selection - G&K vetting process - matters even more. That's why I am hesitant to buy SUNW at any price. Jurgis - Buffettologist wannabe

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