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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (17430)	7/21/2003 12:31:58 PM
From: David	Read Replies (1) of 78525

Paul: Just to let you know, I am still holding MAXS. And, you're right, these value plays take a long time to finally pan out but usually the wait is very rewarding and I can't say that I mind waiting too much especially if I have a few in the hopper. In that case one investment is usually working out within in a brief enough time frame from the last, making investing life interesting, and waiting for the others goes by somewhat unnoticed. I was always curious why Ben Graham chose a two year horizon for his value picks to work out. It seems arbitrary to set a calendar date. I believe if I were to set such a self imposed forced move I would force myself into making mistakes. I've continued holding companies like MAXS beyond two years (EBSC well past two years -- over four years) after verifying the company's financial position during periodic financial reviews. That gives me confidence to hold on. (EBSC will yield me over 16% per annum, which I am satisfied with, although I believe the company is worth much more than the management buyout price given the company's cash flows and balance sheet). Interesting Stock Options discussion on MAXS Yahoo message board, BTW.

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