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Strategies & Market Trends : Value Investing
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To: jeffbas who wrote (7238)5/20/1999 3:57:00 PM
From: moat  Read Replies (1) of 78567
 
Jeffrey Bash, I know what your problem is:

1) You don't understand that value investing and growth investing are two sides of the same coin. Both Buffett and Munger have said this a hundred times. Intrinsic value = future cash flow discounted to present. Use this equation to calculate if you are buying a stock at a discount to that calculation. ("value" does not *only* mean p/b, etc)

2) You only have one model in your mind. Read: "To a man with a hammer, every problem is a nail." Buffett "moved on" from Graham's model, and said "It should be noted that your Chairman, always a quick study, required only 20 years to recognize how important it was to buy good businesses. In the interim, I searched for 'bargains' – and had the misfortune to find some."

3) You don't bother to do the research -- you did not read about company fundamentals before commenting on the stock.

Finally, all I am saying is that a stock is very cheap at 15 p/e when its growth rate is at 100% Y/Y.
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