Price and Garcia buy and sell every day. Because you and Price say they can't find stuff, well I'm a small investor and I can. Characterizing me as a market timer, I do not understand this. I can be a follower of Tony Gray (A Thousand Miles from Wall Street) who says he buys stocks like he buy his suits - when they are on sale. But, he says, you've got to be ready - got to know what you need, got to shop, and have got to know when there's a sale (they don't put red tags on them). So for example, I've followed CCRO for a year and jumped on it when it hit a new low and below its book value or business value (IMO). Others recently posted like that (below what I think is value point) include UHAL, ICOR, GNT, CYM, WDC,LSI, VO, WES, CCS. And many more.
At some point, price drops below value (value by conventional measures) and I buy. In this sense MAYBE someone could say it's market timing. Mr. Market wants out. I will step in ala Tony Gray. Other stocks I posted here are straight value plays at the prices I've found them. ICOC, HYDEA straight net-nets. Relative div. plays - I guess I am the only one interested in this - posted here last year or late '96 - EGG, JPM, MEL, JCP. PSR plays of NCR (bot between 25 and 35), OLS. All I still own. Selling down now outsize positions in TOY and SRM that I've had since '95-'96 that don't seem to be growing like I thought. Slowly peeling off pharmaceuticals owned for several years.
Does this all sound like market timing to you? I call it trying to buy low and sell fair or high. Most people call it value investing.
Rising market my stuff sticks to wall? Some of the stocks go up, some of the stocks say where they are, and some go down. Just what anybody would expect in a diversified portfolio. And when the market drops, my stocks will too. No news there. It's what will happen after the drop that is important.
You say you can't find value. Just what is it that you are looking for on this thread? Other than to bully people. I am finding stuff large cap and small. Things under book value with insider buying. Stocks at low price to cash flow. Stocks with good business models and increasing dividends. Stocks selling at net-net. Technology stocks, consumer staple, foreign exposure, local only, stocks with no sales growth but good roe, stocks with increasing sales every year for 7 years, some with 25 years even. Stocks selling for low pe's compared to their historical range. All stocks with good attributes - psrs, p/bv, roe, roa, etc. etc. If you don't see from my view - don't see any of this - what about some of the other posters here? Jim Clarke's SJP - straightforward analyses - working out per plan - a BIG favorite of Price. Did you pass also DSWLF by Mike Burry? Not pick up on any ideas from Paul Klemencic? Nothing from Richard Baron? (I notice for example - STILL - I am the only buyer in the USA for the month of Feb. for one of Richard Baron's choices - microcap with 4% div. yield, pe under 5, selling 1/3 of book.) Or converts from Scott? Or Ron's? Or anything from some of the other posters who offer concrete, well-developed potential buying ideas?
Real easy to sniff and dismiss methods when you're in a casino crowd standing behind people who are at the dice table. For those of us who are trying to make money, we're bellying up to the table, putting our money down, and taking our best shots. I just need to learn now to ignore the kibitizing of those who haven't a clue or are too scared to play.
|
