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

To: Paul Senior who wrote (2605)	12/3/1997 8:44:00 AM
From: jeffbas	Read Replies (1) \| Respond to of 78601

I will not buy a company with mgmt that I know to be mediocre, if they are in a competitive industry. Maybe not tomorrow, but 5 years from now they will have made much less progress than a well managed company in the same industry. This is especially true for technology companies where too many missteps can be fatal.

To: Paul Senior who wrote (2605)	12/3/1997 11:34:00 AM
From: Dan Packer	Respond to of 78601

Paul - there is a book about the history of UHAL. Current management makes sense after you read it. My 'best' investments have always come in 'hometown' companies, because I can find better information than money center analysts can provide. The beauty of the net is that it should enable you to enlarge the boundaries of your hometown. For instance with UHAL, someone on here from Phoenix should be able to shed light on Shoen. I giggle every time I go to an annual meeting where I'm the only one asking questions of management. If you go prepared, it's amazing how many times these folks will lay out the future for you. But you need to have done your homework to interpret their answers. For those who think they can't match the genius of a Peter Lynch, try opening a $100 savings account at your local mutual S+L. How many years has it been since someone lost money investing in a converted mutual? BTW, all of them in California are gone, except for one. I prefer Graham-Dodd 1940 and 1951. 1934 has been reprinted, the one with Cottle is useless. Buffett plays in a different league. His information sources and access to capital are infinitely better than mine. These days he gets companies to do things his way. I always ask CEO's why they can't write an annual report like BH or Wesco. Usually I get a blank stare!!! Dan