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Strategies & Market Trends : Value Investing

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To: Jeff Maresh who wrote (1953)	9/19/1997 12:17:00 AM
From: Paul Senior	of 78732

Hi. I like Fisher's PSR sometimes (big tech stocks) and sometimes Graham's approach. Have also had some okay luck in investing in companies that I thought I knew (but I didn't -g-). I don't think any of these approaches work all the time. Big issue for me is management... so important (usually) and so hard (usually) for me to check. Charles Almon was quoted recently somewhere as saying he always talks to mgmt. About 1/3 are crooks, about 1/3 are incompetent, about 1/3 are excellent. Even a strict numbers approach (Graham, in later years) can only overcome this by diversification. Or luck (Graham made most of his $ in Geico, a well-managed co. into which he reluctantly put a big stake, I believe.)

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