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

To: Paul Senior who wrote (2542)	11/27/1997 1:56:00 PM
From: James Clarke	Read Replies (2) \| Respond to of 78615

At less than 50% of very real book value, I think WHX offers as large a margin of safety as you are going to find today. This company is going to earn money next year. Now much, I don't know, but they showed the ability in the past to earn in the $2 range WITH A LESS FAVORABLE LABOR CONTRACT AND 25% MORE SHARES OUTSTANDING! Sure, they're not going to do that consistently, but Buffett tells a story which I think was originally his professor's (Graham). Goes like this. A man visits the vet with an ailing horse. "Can you help me? Sometimes my horse walks fine and sometimes he limps." The vet's reply was pointed. "No problem - when he's walking just fine, sell him." No, I have no intention of holding this stock for ten years. Does one have to be Graham or Buffett or can we learn ideas from both of them? I have a couple Buffett type investments which I intend to hold for a while, but I also find the occasional no-brainer Graham idea which I am willing to bet big on.