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Strategies & Market Trends : Buffettology

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To: cfimx who wrote (496)	10/24/1998 7:03:00 PM
From: James Clarke	Read Replies (3) of 4691

OK, Yahoo has a potentially interesting franchise. No disagreement there. But there are a lot of companies that have currently interesting franchises that have actually made money before and which trade at multiples somewhat lower than 200x estimated 1999 earnings. The only rational reason I can think of to buy this stock is that some idiot is going to pay $10 more for it next week. But there's that four letter word...what is it...I forgot...I think it begins with r. Oh yeah, RISK. What is the downside if you're wrong on YHOO? I know the poster I'm responding to is probably not really recommending you buy YHOO. All I'm trying to point out is that Buffetology is about two things: franchises and valuation. Forgetting either will lead you into trouble if you are trying to practice a Buffett strategy. Jim

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