Value Investors from Graham-Doddsville Message Board

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Strategies & Market Trends : Value Investors from Graham-Doddsville

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To: Cary Salsberg who wrote (6)	1/2/1997 10:23:00 AM
From: E_K_S	of 24

Hi Cary - "...So we arrive at the key problem in Graham-Dodd value investing,...". No one methodology of investing is perfect. Psychology and investor's emotions play an important role is how (short term and perhaps long term) stock prices are valued too. I have not completely figured out how to quantify this but from observation it seems true. Perhaps this aspect incorporates future expectations which Grahm and Dodd overlook in their value criteria. I still believe in the Grahm and Dodd approach in that you must first value the asset types, the utilization of those assets by management and are they being invested in an industry that is growing. To summarize, Grahm and Dodd investing baselines have worked well over the long term and continue to be a good first start when evaluating an investment decision. However, there are other items the intelligent investor should review including future 'perceived' expectations of the enterprise, managements expertise, and market (investor)psychology. Perhaps Cary you have other criteria you can add to our list. Eric

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