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

To: John Langston who wrote (2440)	11/14/1997 4:56:00 PM
From: john harris	Read Replies (2) \| Respond to of 78625

John: Your post actually prompted me to pick up the book from Amazon.com. It arrived Monday and I look forward to reading the book this weekend (bad weather predicted for the East Coast) Thanks

To: John Langston who wrote (2440)	11/14/1997 11:08:00 PM
From: James Clarke	Read Replies (2) \| Respond to of 78625

Buffett is God. If value investors discount him for being "not value anymore" they're stupid. Learn from him. I try to combine his style with my affinity for Ben Graham. Occasionally, just occasionally, you find an "almost Buffett" business at an "almost Graham" price. Those you jump on. In a market with so few cheap stocks, I think you can't be too rigid. Sure, you look for stocks selling well below what they're worth. But you need to be able to do many different kinds of valuations. Graham did it one way (which Buffett certainly knows how to do - Graham was his teacher), but Buffett teaches you different lessons. Never refuse to listen to anybody who is worth $25 billion dollars. I call my style "somewhere between Graham, Buffett and Lynch". I hope my results are too.

To: John Langston who wrote (2440)	11/15/1997 1:07:00 AM
From: jeffbas	Read Replies (2) \| Respond to of 78625

I appreciate him greatly and, if I had followed his example of buying bonds, I would have a lot more money now than I do have. I believe that his best single piece of advice is to look at stocks as if you have only 20 "chances" to spend in a lifetime, one for each stock. The point is to wait for the one that is irresistibly attractive, perhaps only one or two a year. I personally find that my results are seriously affected by buying too many, too often.

To: John Langston who wrote (2440)	11/16/1997 8:49:00 PM
From: john harris	Read Replies (1) \| Respond to of 78625

John: Early book review.....Buffettology.....Chs 1-10....... Without being too indelicate, I must say that the early reading has been somewhat of a bore. Though, as a stockbroker, I may be somewhat prejudiced and disinclined to view Mary Buffett in a good light in view of her attitude toward my profession. She spends a chapter or two (of ten so far) embarking on a diatribe against all brokers and feeding the stereotype that currently exists in the public's eyes of the broker as a fast talker disregarding the client's objectives in favor of other conflicting interests of sales commissions. It is a sweeping indictment of the profession without disclaimer as to the individuals in the profession. Having gotten that off my chest, she is in a constant begging-for-forgiveness mode to the reader who may be versed in basic security analysis. This is appropriate since the book is meant for all levels of expertise and she must start at ground zero to build her case. One interesting tidbit thrown up by Mary is a quote from Ben Graham that, "in general, the market undervalues a litigated claim as an asset and overvalues it as a liability. Hence, students of these situations often have an opportunity to buy into them at less than their true value, and to realize attractive profits--on the average--when the litigation is disposed of." This was brought up in the context of the underperformance of RJR's stock performance in the '80s prior to the KKR LBO. Someone mentioned Michael Price and Columbia Health Care. I suspect that this gem from Graham is a driver of Price's interest in the company. Anyway, I DO still look forward to the latter part of the book when hard numbers from Buffett valuations are discussed.

To: John Langston who wrote (2440)	12/10/1997 11:14:00 AM
From: Andreas Puppka	Respond to of 78625

Look at MVSI and MVSIW. The stock and warrant are starting a rebound from the lows following a warrant call stock drop. The warrant call is over on Dec 15 and some warrant holders don't have the necesary $4 to exercise, which has driven down the stock with the help of mm's and shorts. The warrant can increase faster, but I wouldn't buy it without thinking I may have to exercise it if things go bad. However, I believe the stock will be back to old highs around $8 or $9 this year and maybe $12 to 15 in the first Q. No change in great fundamentals - growing 350%. Go and surf the wave to the top. All IMHO! Do your own research and buy! Andreas