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Strategies & Market Trends : Value Investing

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To: jeffbas who wrote (16663)	3/21/2003 11:21:27 AM
From: Bob Rudd	Read Replies (1) of 78614

Jeffrey: <<When I consider buying a stock my number one decision is whether I want to entrust my money to management, since that is exactly what I am doing. I believe in the old saying that "if you lie down with dogs, you tend to get fleas".>>Well said, although after what's occurred with HRC, 'If you lie down with WOLVES, you tend to get eaten' would seem more appropriate. I continued to hold HRC even after I KNEW Scrushy was a wolf-sized weasal and now will take a big hit for that mistake. Auditor: Ernst says it's not their fault cause what HRC did is tough to detect - But Lynn Turner's comment on the 3yr $1.4B overstatement makes more sense: "If you can't find that size of an error, what's the point of having an audit?" I think he's on to something. Replace the big time audits with one guy chosen at random from a pool of non-related auditors and supplement it with lie detector tests for CEO's and CFO's with questions co-designed by Buffett and Turner. [Anyone who hasn't read Buffett's suggestions for questions audit committees should ask auditors in current BRKa shareholder letter should.] It would cost a lot less, take less time, and almost certainly be more effective.

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