Viktor
I certainly agree with you. I consider myself a value investor, but don't feel compelled to dwell solely on past results to define value.
In my opinion, a value investor looks to the future, politically, economically, culturally, etc. (traditional Rozinsky analysis), to see what will be the likely state of affairs, and invest on hers (or his) best guestimate of which companies will do well given the dynamics that will bring the future to the present. Some of the companies might be those who have strong past histories, but in many cases, the companies that will shine in the future will be newbies. If I only wanted current value, I'd probably seek out good high yield corporate bonds or a portfolio of REITS!
Again in my opinion, for an admitted "short" to call himself a "value" investor is ludicrous. At best, a short could best be defined as an "opportunist."
JDP |
