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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (18068)11/23/2003 8:34:03 PM
From: Dale Baker   of 78751
 
Their results are impressive. Worth noting, however, that they have a team of people for the 375 stocks they actually own and the 1100 they follow.

I agree 100% with their general approach - not dissecting companies down to the last molecule to decide if they are worth holding. Number crunching seems to take on a life of its own.

SM: You have 375 companies in the Al Frank fund. Is it difficult to keep track of them all?

JB: No. We have three people who do research. We follow 1,100 companies in total. I used to follow 900 companies, and it was just me. It's not that difficult when you're doing the kind of research that we do. It's not rocket science. So many people think you need to publish a 50 page research document and visit the company and talk to suppliers and customers and all that stuff. We don't do that. We don't need to. Those who actually do those things don't perform as well as we do. If you take a view from afar and you don't get too close to the situation, you can eliminate a lot of the emotion from the equation and focus on the numbers. Our approach is based on what has worked historically for equity investors, and that's buying undervalued stocks trading at low P/E ratios, low price/sales ratios and low price/book-value ratios. It's not as if we've discovered the magic formula and nobody else knows about it. We have the patience and discipline to implement the strategy. The majority of value investors don't.
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