Graham and Doddsville -- Value Investing In The New Era Message Board

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Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era

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To: Jacques Newey who wrote (563)	7/29/1998 2:35:00 AM
From: Axel Gunderson	Read Replies (1) of 1722

Jacques: hope you don't mind if I jump in here. Quite the contrary - I'm delighted. I am much more strongly influenced by Fisher than any other of the well-known investors. For quite some time I would say that I tried to apply Fisher's approach, sometimes with David Dreman's approach as a valuation check. It wasn't until I started reading material about Buffett that Graham's methods began to influence me. I don't know if I would agree with you that Fisher's ideas are a refinement of earlier stuff by Graham; they are so different on qualitative issues and on diversification. Aside: While I had read Graham's book, I never appreciated it as much as I should have until I began to read Porc's chapter by chapter analysis, which also brought Graham's teachings into a contemporary context. When comparing Intel to Fisher's "fifteen points to look for in a common stock", I have to believe he would have invested heavily in the company had it been around at the time of writing the book. I wonder if he has invested in Intel since the book was published. I recall reading an interview with him a couple of years back, he mentioned finding a great company in the late 70s and one in the mid 80s. But he wouldn't say what they were. He said that his clients would not be pleased that he shared for free, that which they paid him for. As I recall he said he had six (6) companies held in client's portfolios. I agree with you that Intel meets Fisher's criteria pretty well. I'm especially impressed with their ability to shift their market and create demand. The only thing about Intel that concerns me is the valuation. OT: We seem to share some degree of parallelism in our education as well. My guess is that you were in Golden at the same time I was at NMIMT. I'd also infer that either you were fortunate in your timing, or high in your class. In the late 70s the demand from the big oil companies for petroleum and geological engineers was very strong, yet just a few years later there was a surplus. Axel

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