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Strategies & Market Trends : Value Investing
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To: John Langston who wrote (2440)11/16/1997 8:49:00 PM
From: john harris  Read Replies (1) of 78618
 
John: Early book review.....Buffettology.....Chs 1-10.......

Without being too indelicate, I must say that the early reading has been somewhat of a bore.

Though, as a stockbroker, I may be somewhat prejudiced and disinclined to view Mary Buffett in a good light in view of her attitude toward my profession. She spends a chapter or two (of ten so far) embarking on a diatribe against all brokers and feeding the stereotype that currently exists in the public's eyes of the broker as a fast talker disregarding the client's objectives in favor of other conflicting interests of sales commissions. It is a sweeping indictment of the profession without disclaimer as to the individuals in the profession.
Having gotten that off my chest, she is in a constant begging-for-forgiveness mode to the reader who may be versed in basic security analysis. This is appropriate since the book is meant for all levels of expertise and she must start at ground zero to build her case.

One interesting tidbit thrown up by Mary is a quote from Ben Graham that, "in general, the market undervalues a litigated claim as an asset and overvalues it as a liability. Hence, students of these situations often have an opportunity to buy into them at less than their true value, and to realize attractive profits--on the average--when the litigation is disposed of."
This was brought up in the context of the underperformance of RJR's stock performance in the '80s prior to the KKR LBO.

Someone mentioned Michael Price and Columbia Health Care. I suspect that this gem from Graham is a driver of Price's interest in the company.

Anyway, I DO still look forward to the latter part of the book when hard numbers from Buffett valuations are discussed.
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