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: Freedom Fighter who wrote (714)	9/2/1998 10:12:00 PM
From: porcupine --''''>	Read Replies (2) of 1722

<< I'm not sure I agree with you that debate on valuation has been between Abby and Byron. (If I understood you correctly) Both have been very bullish throughout most of the recent past. >> What Bary reported was: "Wien notes that his model that measures the relative appeal of stocks and bonds showed that stocks were undervalued at Friday's [9/21/98] lows, marking the first such occurrence in recent years." See: Message 5627420 << It's the 27 Yankees vs. a couple of salaried analysts ... >> Okay. Try not to go ballistic over what I'm about to say. We're just talking here. Sometines new perspectives come from informally exchanging ideas. Perhaps the point that Cohen was making, and that Wien took seriously, was that the 27 Yankees would not be able to beat the 98 Yankees. So, if the 27 Yankees are now leaving the field, perhaps its because they're at the age of retirement. But, what Graham understood, and many commentators who have been very successful themselves do not seem to appreciate, is that most of us do not have the gifts to play for the Yankess of the late 60's and early 70's, much less the greatest teams of all times. Thus, most of us are likely to be better off following a mechanical buying system, rather than waiting for everyone else to be in a state of despair, and assuming that we will be immune to the pessimism that is affecting everyone else.

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