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Strategies & Market Trends : Value Investing

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To: Bill Zeman who wrote (5949)	2/6/1999 10:51:00 PM
From: jeffbas	Read Replies (1) of 78485

Your post brings up an excellent point. A lot of the stocks we mention are value stocks for a reason and TOO OFTEN it is not truly clear when that reason will go away. I personally find I largely own a portfolio which has seriously underperformed the market both because smaller stocks have underperformed larger ones AND because the reason for value is some issue which lasts much longer than we would ever have dreamed. MWY, which three of us who write regularly on this thread own, is a case in point. It sure looked like good value at $10, with very large insider buying at that and higher prices. Here it is now at $8 with more insider buying and maybe going to $6. I am beginning to wonder if our strategy is faulty. If we were to require that a stock both be a value stock and clearly be able to see that the issue was about to go away, we would own almost no stocks at all. On the other hand, if the rest of the market had not made advances that were not merited, perhaps buying value stocks where we could see the issue eventually disappearing (but not next week) would have shown better relative returns. But not in this market.

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