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

To: Terry Maynard who wrote (3663)	3/26/1998 9:45:00 PM
From: Paul Senior	Respond to of 78661

Terry: Negatory!! If HWP drops 25 points: YOU MUST ALWAYS HAVE THE CASH to buy this value. (Just don't sell others -- is my opinion)

To: Terry Maynard who wrote (3663)	3/27/1998 1:59:00 AM
From: Chuzzlewit	Read Replies (2) \| Respond to of 78661

The answer to that hypothetical (HWP) is pretty straightforward. If you are a value investor you are seeking to hold a portfolio of stocks with the greatest value. Presumably you've calculated the present value of each stock under consideration; simply choose the portfolio of stocks with the highest present value at a given level of risk. Obviously, taxes are a consideration here, and before you sell one holding to take advantage of another you should include taxes and transaction fees. Regards, Paul