Hi Jim. You raise points exactly why Buffett doesn't work for me.
Because I was there when he made all those buys. They were public. So when you say 'what did these companies look like?' or 'what did Coke look like to every one else?'. At best, an indifferent investment to EVERYONE else - and I mean the analysts who covered the industry (industries), the financial press, the pundits -- you never saw them say buy. Of course, even in the 70's Buffett's reputation was known and written about ('oversexed man in a harem' article from Forbes regarding Washington Post). And yet even with that reputation, imo NOBODY in the the public eye came out with any support for buying. NOBODY. And it happened over and over -- General Foods, Solomon, more.
So the lesson for me is, if I couldn't even see any such investment when it was in front of me, even knowing success rate with his previous purchases was close to 100% - and nobody else saw a golden investment opportunity either---then
I think there is no hope for me in finding and buying 'Buffett' stocks. And because no professional who analyzes stocks could see his genius -- then I claim nobody can duplicate his methods. Therefore, I conclude efforts by people on this thread to find, purchase, hold a Buffett stock -- are doomed.
Aside, your wife's right imo. Best value investors are cheapskates. (I'll put you in among the few exceptions -g-.)
Just my opinions, Paul. |
