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Strategies & Market Trends : Value Investing

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To: Mark Marcellus who wrote (18511)	1/21/2004 11:26:28 PM
From: Steve168	Read Replies (1) of 78958

Mark, I recall one book said the major difference between Buffett and Graham is that Buffett changed Graham's net-net value approach, and counted "growth" as part of the "value". Graham never liked "growth". I tend to like Buffett's approach, since you will not be able to buy a single stock in 1998-2001 since the market was grossly overvalued. There were below-cash net-net plays in late 2002 to early 2003, but now they are all gone and you will probably have to wait for a year or two to buy those "trouble-free" net-net stocks. Graham's reasoning is "growth" is always priced in the market. All the analyst forecast stuff are simply pricing in those anticipated growth. It makes sense. My answer is to be a superior investor, one can develop expertise in some industry/sectors so that s/he can see what average Wall Street analysts don't see, and have a more accurate forecast/estimate than them. Based on that s/he can predict the company is going to beat or miss the estimates, thus has a much better chance to profit, than taking the face value of analyst estimates.

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