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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote (3652)	3/26/1998 6:16:00 PM
From: Terry Maynard	Read Replies (2) of 78659

Mike and Paul, please let me jump in - briefly. I think Portfolio management is a key especially in choppy or down markets. In bull markets small portfolios are risky but you may get away with it. Al Frank has a good understanding of portfolio management IMO. He recommends for example 20 to 30 stocks for a $100,000 portfolios. Yes, that is overkill for minimizing systematic risk; however, with the funds spread out no one or few mistakes will demolish the value of the portfolio. And assuming that it is comprised of value stocks and that you wait until the stock reachs full value before selling it, this approach can be very profitable as demonstrated by Frank's performance over the last 20+ years. Stock picking is important but just or maybe more important is portfolio management and patience to wait for the full value to bloom. One man's opinion. Good Investing! Terry

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