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Politics : Formerly About Applied Materials

AMAT 318.24

-2.7%

3:59 PM EST

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To: Robert O who wrote (28825)	3/4/1999 12:22:00 AM
From: Sun Tzu	Read Replies (1) of 70976

There are some here who simply continue to "play" at not understanding the point of an argument... So true! Look in the mirror and you'll see one. Whoever here said that Buffett does not believe in longterm investing? Or that he has sold his shares in BK? The facts remain that in 1966 he reduced his involvement in the market and in 1968 he left it. It so happens that in 1966 DJIA hit 1000 and in 1968 it made a new high at 1001.3 and Buffett left right at the top. He further stayed 99.99% out of the market until 1973~74 where the market had already dropped by about 50%. He did not pick the exact bottom, but having not lost money during the drop and buying the stocks on the cheap went a long way towards his gains. Now you can call this disciplined value investing, or you can call it market timing; they are flip sides of the same coin. BK also trades heavily as has been pointed out. So the argument against trading is also moot, if you believe Buffett is knowledgeable. Also, his comment about he loves to own a business that he never has to sell is not an endorsement of a blind buy and hold strategy; it just means that he loves to own a company that constantly improves and adds value to for its shareholders beyond its market price. If I can find such a company, I will hold it forever too. Now you can try to understand the points I've tried to make and address them. Or you can continue to pick on spelling and grammar and argue against what I have not said. ST

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