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Strategies & Market Trends : Buffettology
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To: Chuzzlewit who wrote (759)12/24/1998 1:13:00 AM
From: James Clarke  Read Replies (1) of 4691
 
OK, so you have conceded a value investor at least knows what he is talking about. So why do your past returns justify buying Dell (or the example you used) now. If the future is what you are investing in - which goes without question for even a value investor - past returns are irrelevant. (Although as a value investor I might consider the fact that a stock has gone from 1 to 60 in five years a very big danger sign). You were right in the past, and you made a lot of money - congratulations - I wish I had invested when you did. But the question I was working on is the risk at the current valuation.

And your assessment of value investment logic is so juvenile as to discredit your obvious experience as a successful investor. Clearly value investing is not about just looking at the P/B ratio any more than intelligent growth investing is about just buying the company that grew the fastest in the last five years. And I think you know its not about buying gold companies. You know better than that.
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