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Strategies & Market Trends : Value Investing
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To: James Clarke who wrote (5440)12/16/1998 9:07:00 PM
From: Freedom Fighter  Read Replies (2) of 78670
 
Jim,

>>Wayne, the fact that you are NOT pitching stocks in this market tells me you are a value investor, possibly more disciplined than the rest of us.<<

I have very conservative standards/definitions of a bargain. And I can assure you that all my investment decisions are based on value.

I have no problem telling you my current portfolio and other recent holdings.

BRKA - I accumulated BRKA in 1988-1990. I will never sell it no matter what the value and if I tell you that I am going to at some point in the future, please talk me out it. I would obviously be having some sort of breakdown.

LUK - I bought a token amount of this earlier this year because I think the management is brilliant and I want to closely follow what they are doing and saying. Their investment record is on a par with Buffett's.

APPB - Bought at an average price of 18. I think it was late last year. Don't really love it but it was an idea when I had none.

SBA - Bought during the recent decline in the low 20s after a 28.5 offer was just rejected by shareholders as too low. (A new offer just came in from the family for 27.50. I am getting involved in a class action suit on this one. They are trying to steal it)

ESV - I really know nothing about the oil business at all. The group was so beaten down I took a very small position recently and hope that I don't get an expensive education. But I think it is a bargain from normalized earnings power perspective.

MCY - Bought in then recent downturn at 32.

DEO - Bought in January. I think it is fully priced now. It paid a special 10% dividend due to the merger of Guiness and Grand Met. I am a former shareholder of Guiness and I liked the combo, dividend, and potential capital gains. (which came through)

I have a very high cash percentage for me. I like to be almost fully invested but I am nowhere near that now. I am as dry as a bone for ideas. I'm not even thrilled about APPB, SBA or ESV.

In the last year or so I sold:

Kimberly Clark (this was a quick in and out after the recent decline)

Tootsie Roll (I love this company to death but it got too pricy when it announced the split)

Mcdonalds

Cadbury Schwepps (Britain)

Novartis (Switzerland)

Investor AB (Sweden)

Tele Danmark (Denmark)

I started investing in Europe in 1996-1997 when I ran out of ideas in the U.S. The experiment was successful but I have a very limited range there and prices are high there too now.

I have a list of about 70 companies that I either follow closely or would take a crash course in if the price was right. They are all what I consider as very above average businesses.

Wayne
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