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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (8116)	9/12/1999 2:06:00 PM
From: Pendretti	Read Replies (2) \| Respond to of 78822

Well, what is value worth these days, look at the performance of those value funds. Growth has seemed to outperform value every time, that is why we officially use the GARP (Growth At a Reasonable Price) method for discretionary portfolios. In my modelportfolio for the US you will find names like MSFT, WMT, GE, T, etc. The thing we all hope for is that in the future the trend will turn from growht to value stocks, when will it happen? It will take a while. We need a clear change in investment style. All the institutions follow the growth method, look what companies are in the indices and those are the companies invested in by people like me. I cannot deviate from it too much otherwise my bet against the index is too big. I like value plays, but also try to look to trade them right. The risk with HDWY is IMO low (except for a large economic slowdown off course), but we have no triggers with this company, it misses momentum. I am sure it will trade will above 6 again, maybe with the next numbers, which is still a good return from these levels. In the meantime it is still a take over candidate, but the company I was hoping for (Brunel, a dutch company) recently merged with another Dutch company. So, I don't think this company will be doing the acquisition. Hain is expensive of course, but I think it will be taken out above USD 30, so it is not a value play. But the risk could also be that it only gets an alliance with a bigger brother (like Kellog). Who knows. Sorry for not coming back to you sooner, I am working too hard these days, have to give several investment presentations in Lat. America soon. If I have time I will look more into the stocks mentioned here, don't know when this will be. Take care, Rene.