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Biotech / Medical : Biosource International

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To: Night Trader who wrote (636)	2/22/1999 9:48:00 PM
From: Joe Dancy	Read Replies (2) of 696

You have a point Martin about the leverage and the market direction. Two things I really like about Al Frank: (1) he evaluates companies like he was buying a business - like Buffett used to do - and does not get all caught up in technical analysis and momentum type trend following investment theory and (2) once he finds an attractive company he likes at a reasonable price he buys and holds - which reduces risk and makes the investment much more tax efficient and also reduces the trasaction costs. With mutual funds turning stocks over on average once a year, day traders making a killing, Internet cowboys tripling their money in three months buying momentum plays, it is sort of refreshing to see a guy do a fundamental analysis then buy and hold for an average of 7 years or more. And more refreshing to see him do well. Say what you will, and everyone has their opinion, but the "risk" of buying a portfolio of grossly undervalued growth companies on margin and holding for the long term appeals more to me than day trading, buying Internet stocks with no earnings that are selling at 100X forward revenues, etc. But you are right, this guy's portfolio and investment strategy are not for widows and orphans. Joe

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