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

To: Grommit who wrote (12389)	5/1/2001 12:14:25 AM
From: James Clarke	Read Replies (2) \| Respond to of 78609

<<BL -- ahem. I was the first to mention Blair.>> I'll second that. Credit where its due. I sold it too, not as well as Grommit - I think I took it from 13 to 17 or 18. I do not own it now. I was sitting forty feet away from Warren Buffett for six hours on Saturday. He was asked if net-nets became available in a big way would he buy 20 of them in Graham's diversified strategy. And if the size of Berkshire is the only reason not to, would he do it with a smaller portfolio? Surprisingly, Graham's greatest disciple said no he wouldn't, though he said one would almost certainly make money if one did that strategy. But he wouldn't do so. Because in an environment where there would be that many net-nets available, top quality businesses would probably also be very cheap too and that is what he'd buy in that environment should it happen again.

To: Grommit who wrote (12389)	5/1/2001 4:05:05 PM
From: Bob Rudd	Read Replies (1) \| Respond to of 78609

Grommit: BWC I wonder if they made an error on their press release - look at the income statement: Operating earnings 21,086 19,374 Other income, net (1,200) - Interest expense 4,780 4,518 Income before taxes 17,506 14,856 Other income is negative, yet if 1200 is subtracted, then interest expense of 4780 is subtracted you get 15,106 not 17,506