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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (17202)6/11/2003 12:02:26 PM
From: Jurgis Bekepuris  Read Replies (1) of 78744
 
Paul,

I object not to avoids, but to - IMHO - 20/20 Monday morning quaterbacking and simplistic point-of-view. There were hundreds of stocks in 2000 that had zero business and zero business perspectives. Somehow you don't talk about avoiding and shorting Pets.com and Iselldollarforninetycents.com. Instead you take a view that such established companies with near monopoly earnings power as Intel, Microsoft, Oracle, Cisco and others are avoids and shorts. I cannot agree with this view since it implies that high ROE companies are necessarily overvalued. Some of G&K crowd said that G&Ks are always undervalued. You say that they are always overvalued. I disagree with both.

You're sorry you did not short in 2000. If you wanted to short G&Ks you should think you are lucky you did not short them in 1996-1998 - I heard sentiments similar to yours then too.

Jurgis
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