>>Exactly this sort of thing seems to be going on over the the Value Investing thread. Are we in the midst of a Golden Age of sorts, perhaps without realizing it? Or are these sorts of opportunities usually available to the diligent value investor?<<
Just what is so "golden" about trading a lot, paying commissions, spreads, and taxes? Buffet may have started this way but he certainly advises against this form of "investing." On the contrary, investors without the burden of large $$s to invest are better off investing the way he does now. He admits that if he had stuck to the "golden age" of used cigar butt investing, he wouldn't have anywhere close to the net worth he commands now. Investing as taught by Buffet, is simply about getting rich through ownership of carefully selected businesses, and holding. The investor is enriched from gains in intrinsic business value of the business, and not because they happen to be shrewd at flipping around small caps when it happens to be their turn under the sun. Don't forget that Buffet "flipped" Disney and AMEX back in the partnership days. Is anyone saying that he would NOT have been better off HOLDING those stocks?
If anyone can point me to something that Buffet has written in the last 10 years that advises people to emulate the way he was in his partnership days, in effect countering what I have said, I would love to read it.
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