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Strategies & Market Trends : Value Investing
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To: Mark Marcellus who wrote (18517)1/22/2004 1:35:51 AM
From: Spekulatius  Read Replies (1) of 78964
 
The difference between Graham and Buffet is that Buffet was never a cigar butt trader. Indeed his best investments (Geico, Washington Post, Coke) tended to be superior business, acquired at a reasonable price. As a superior business Buffet defines a business with a high ROA and with franchise that provided a level of safety that he could project earnings 10 years out. Tech stocks and also pharma stocks apparently never fell into this category, because of the uncertainties involved in their business prospects. It is also interesting to note that Buffet liked "Goodwill" during the 60's and 70's as a play on inflation. During these times, the franchises of the companies he invested in become more valuable because of inflation and the intrinsic growth and such the "Goodwill" (the intrinsic value of the business minus hard assets) increased.
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