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

To: 249443 who wrote (14290)	4/9/2002 11:39:35 PM
From: Dale Baker	Read Replies (1) \| Respond to of 78705

Advice - ignore the big caps, the "market" and the whole macro picture and find quality value stocks in the mid-cap and small cap range. Lots out there but most folks never look. Most big cap stocks are a waste of time or a total fraud right now, with AOL among the leaders.

To: 249443 who wrote (14290)	4/10/2002 6:10:14 AM
From: Bob Rudd	Read Replies (1) \| Respond to of 78705

<<7) Every valuation metric, comparing the current coming-out-of-a-recession timeframe vs. prior periods -- a la 1990 time frame -- indicate a major rebound is already in the cards.>>Just to clarify, by "already in the cards," you mean already priced in to the prices of the shares, right? If so, I agree. When you find something that looks cheap, you look deeper and find out WHY it's cheap...and oughta be cheaper. <<P/E, P/S valuations -- I just don't see the same cheapness or value.>> I don't either..but that leads to a broader point: Value is less about P/E, P/S, P/B and similar multiples and more about the quality for the /E, /S & /B. It's about recognizing red flags from accounting gimmickry to 'run on the bank' reputation & 'credit trigger' risks. And evaluating intangibles that may as robust Coke's brand [Survived New Coke] or as fragile as Enron's reputation. And it's about recognizing when concerns are overdone on some of the above issues. It's complicated and difficult. Smart people like you and Bill N aren't going to agree on these calls. Graham's early works predated the SEC and covered a time when chicanery was common and investors just had to get behind the numbers, wait for the fat pitch and deal with it. Sound familiar?

To: 249443 who wrote (14290)	4/10/2002 6:06:50 PM
From: Paul Senior	Read Replies (2) \| Respond to of 78705

mrcjmoney: regarding the market and some stocks you mentioned. I am guessing, but it seems like it's sweet now for value investors here. So many stocks mentioned here have been hitting new highs (NYSE). I see many from here that people said they were buying - and that I should have too (but didn't). A few there that I had and sold too soon. Regrets...I have a few. I do see a few up there that I still own though. On the new lows (NYSE)list I count 22 stocks (ignoring trusts, mutual funds, pfd. shares). Of those 22, I have 7. Yikes. I own 1 of every 3. finance.yahoo.com With a record like that, I continue to wonder how I remain in the stock-picking game, let alone how I'm able to say my portfolios are mostly doing okay. -g- Looks like there's no downside to telecom. I added to my losing position in WCOM today. Also bought more of losers AOL and AETH. Paul Senior