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Technology Stocks : Intel Corporation (INTC)
INTC 37.89-0.1%Nov 12 3:59 PM EST
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To: Paul Engel who wrote (69292)12/2/1998 4:35:00 PM
From: Mary Cluney  Read Replies (3) of 186894
 
Paul, >>>Buffett was an "early adopter" of Graham's principle of "value investing" - buying the stock of companies at a big discount to their inherent value due to circumstantial providence. <<<

I don't want to sound like a smart aleck and I certainly don't want to take anything away from Buffett and Graham - but I think those days are gone forever. I mean those days when through a lot of diligence and research you could buy the stock of companies at a big discount.

In those days information was controlled by relatively a few - the likes of Barron's and the Wall Street Journal (perhaps in those days it was the Journal of Commerce). The front runners must have had a field day.

I love it, these days, when those guy appear on Wall Street Week and proclaim:

>>>We are value investors - we do not like to pay more than fair value. We look for bargains - the undiscovered gems.<<<

No kidding, Sherlock. You must be the only guys doing that. What do you have now - several million people pouring over company reports - SEC filings - rummaging through discarded wastepaper baskets - looking at other people's email? All looking for the undiscovered edge.

I think you have to redefine what kinds of bargains are out their now - and the differential between what is fair value and what you can steal from somebody elses ignorance has to be a lot smaller these days.

JMHO,

Mary

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