Duncan-
<<why get rid of the obvious home run hitter, Cisco, and retain an absolute dog like BAY?>>
Well I for one have done somewhat better with my investment in BAY than I have with CSCO. I realize that experience is not typical, but, hey, timing is important in this game! As for being an "obvious home run hitter"- well I concede you are correct if your perspective is to look in the rear view mirrow. Remember, past performance is no guarantee blah blah blah.
In any case, you provide little rationale to explain why CSCO is worth approx. 3X what BAY is on PSR and BV basis. As for CSCO's management being better than BAY's, well we'll see. I suspect you are shortchanging BAY's management. I must admit, your response has made me feel better about reducing CSCO's presence in my portfolio- your attitude sounds too complacent for my tastes, and to the extent it is indicative of CSCO investors, I'm more comfortable elsewhere. I prefer to be where the crowd is not, both in investments and in life. Whatever the outcome, I'll try to remember to revisit this issue with you in Dec. 1998!
Regards,
Larry
P.S. Do you recall how many home runs Roger Maris hit after his great year? |
