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Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era -- Ignore unavailable to you. Want to Upgrade?

To: porcupine --''''> who wrote (185)	4/18/1998 2:10:00 AM
From: Berney	Respond to of 1722

Porcupine, Berney's Model Portfolio - 5 Month Update I'm a couple of days early, but the results are dramatic! Despite Intel's weakness, the Model Portfolio is beating the Index by more than 60%. 11/21/97 CHG FR DESCRIPTION SYMBOL PRICE 04/17/98 BEGIN BUY & HOLD: INTEL INTC 80.25 75.19 -6.31% CONTINENTAL HOMES CON 32.56 49.75 52.78% BEAR STEARNS BSC 41.75 61.25 46.71% BOWNE BNE 37.63 42.38 12.62% JEFFERIES GROUP (split) JEF 36.50 51.75 41.78% KAYDON KDN 33.94 44.31 30.57% ROBBINS & MYERS RBN 39.50 37.06 -6.17% DELL COMPUTER (split) DELL 41.69 67.50 61.92% RAYMOND JAMES FIN'L RJF 23.63 33.06 39.94% ROSS STORES ROST 41.38 45.88 10.88% 498.82 643.91 29.09% DIVIDEND YIELD 11-15: DU PONT DD 62.44 77.00 23.32% UNION CARBIDE UK 44.81 51.50 14.92% GOODYEAR TIRE GT 61.19 72.06 17.77% SEARS, ROEBUCK S 47.38 57.81 22.03% MERCK MRK 94.56 120.38 27.30% 310.38 378.75 22.03% TOTAL MODEL PORTFOLIO 809.19 1,022.66 26.73% S&P 500 iNDEX 963.08 1,122.72 16.58% SO FAR, SO GOOD! The case for diversification is not diminished! Berney

To: porcupine --''''> who wrote (185)	4/18/1998 10:37:00 AM
From: Freedom Fighter	Read Replies (2) \| Respond to of 1722

Porc, >"[T]he same tide that carried the financial markets to such splendid >gains from the final months of 1990 ... has turned and is powerfully >running the other way. It seems to us, for investors, that's the most >important thing we need to know, maybe the only thing they need to >know." Alan Abelson, dean of Barron's columnists, on 1/9/95 with the >Dow >at 3867, a few points from its low for the year. We all know timing is virtually impossible. I didn't agree with Mr. "A" at that time. Nor did many of the other responsible magazines, newspapers, analysts etc.. If however, earnings were to fall and PEs were to decline to average and stocks fell to 4000 and stayed there for a while...Would you consider Mr. A vindicated/correct from a general market "Value" point of view. Keep in mind that I am making the assumption that timing is IMPOSSIBLE. Only valuation is possible. It could very well be that his analysis of the Market values was not far off but his analysis of the competency of central bankers WAS! That is the essence of many of the bear's case. We have asset inflation due to incompetent/irresponsible central bankers with payback to come. That was what THE ECONOMIST was trying to say in a NICE way!