In some ways much easier to find value stocks now than in previous 25 years. In some way not. The market seems so high now that it just seems there are not many "typical" opportunities available anymore. For example, net-net companies of profitable US businesses that were available to Dr. Graham pre 1980. Are not now. There are now fewer downtrodden US stocks that meet Graham's number than previously imo. Counter argument maybe that there are actually more such opportunities now because the world's now your oyster -- lower commissions possibly, easy internet access to Japan, Europe, etc. stocks. Also stock sites with stock info. that can be sorted instantly by the person's criteria - low p/bk, low sales, cash flow, etc.
Now as you say, everybody has an opinion, and it's shared all over the internet. Therefore, if somebody reads enough, they can find stocks that pop up that meet their criteria. And a discussion not just of numbers, but some background as to why.
That's been very important to me in my investing life. In pre-internet, I'd buy a stock (at standard high commission) that fit my understanding of a value stock, and try to stick with it as Dr. Graham suggested. There'd be quarterly reports, I'd go to the library to see SEC filings of insider sells, buy, also to read about my pick (sometimes Value Line). There'd be no information about mutual fund/pro investor buys/sells of the stock. I'd read there the Wall Street Transcript (subscription like $1200/year then) to try to find buy ideas. Otherwise ideas scarce. Maybe Wall Street Journal.
For me eventually then, with my stock pick(s) not moving, I'd start to wonder, am I alone here with this stock pick that nobody else sees? Maybe I'm really wrong with the stock(s) and need to move on. But these days, there's usually some current internet info. from others about why they hold or are selling these stocks. For me it's both a misery loves company thing, and also an affirmation maybe I might be ok eventually with my pick. Aside: That's what I like about Burry. His mental condition (I forgot specifically - some type of autism) enables him to focus focus, and drill down into a company/situation. And that condition which also makes him somewhat socially inept, also lets him hold an opinion and totally not be influenced by anybody/everybody else's differing opinion. Whereas I am/can be influenced. Sometimes detrimentally.
Anyway, my opinion is that there are still plenty of stocks out there at value prices. Finding them doesn't seem to be the big problem. The issues are being able to hold and stick with such stocks long enough and position-sizing them correctly. |
