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Strategies & Market Trends : Value Investing
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From: Paul Senior11/13/2017 12:01:08 PM
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GE. As pundits have said, company is in difficulty in a lot of ways, vz. lack of accounting clarity, overpaying for acquisitions, pension liabilities, etc. Which of course, being well known has dropped the stock with recent speculation and today's company announcement of dividend cut and potential sales.
What concerns me is that several value investors I follow seem to have been caught unaware of GE's problems: These guys all have positions as of their latest q reporting:

Bill Nygren (Oakmark Select) @5.7% of fund (and he was adding last q!)
Robert Torray (Torray Fund) @3.8% of fund
Mark Hillman @3.25%
Thornburg Value @3.2%
Harry Burn (Sound Shore) @ 2%
David Katz (Matrix Advisors) @ 1.9%
Steven Romick (FPA Crescent) @1.6%
Mairs & Power Growth @1.2%

This goes to Bill Miller's offering that very few fund managers really do independent, detailed or thoughtful research. Instead most research is copied or surface. With all the research capabilities and resources these guys have, they sure seem to have missed what seems obvious now. To the extent these guys seem to "invest" the way I do (surface research), I find disheartening and somewhat discouraging.
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