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Strategies & Market Trends : Value Investing
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To: Dale Baker who wrote (16231)1/21/2003 12:50:51 PM
From: Paul Senior  Read Replies (2) of 78673
 
Dale Baker: Thanks for the list. It could be helpful.

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I will comment on this topic from another perspective:

"Apart from Buffett, it's a legitimate question if many "pure" value investors have really excelled over time."

It's my understanding that Dr. Graham's investing techniques only promise (if that is the correct word) reasonable profit for risk assumed. Not that it is the best or outstanding method by which to invest.

We have professional money managers here whose goal is to beat a bogey or maximize their performance in some way. Their compensation and the funds they attract are based on their ability to excel.

On the other hand, it seems to me that individuals with long-term reasonable financial goals and a consistent savings/investment plan ought to be able to achieve these goals if they could even get average performance from their investments. (I don't have the Ibbotson figures, but I believe avg. long-term performance to be about 10-11% annually (including dividends) over a 25-30 year period.) I'm saying for most people, average performance is good enough.

(Not that it's so easy for people to even get avg. performance long term -g-. Dr. Graham has said that extra effort and stretching for larger gains often leads to diminished, not increased, performance.)
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