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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 (659)	8/22/1998 11:52:00 AM
From: Berney	Read Replies (1) \| Respond to of 1722

Model Portfolio Nine Month Update The Model Portfolio had its nine month birthday yesterday, and what an exciting Party Mr. Market sponsored for its anniversary. The Model Portfolio was designed to provide a diversified portfolio from two proven strategies to provide returns in excess of the Index. It is achieving its desired results and soundly thumping the Index 26.6% to 12.3%. A look into the numbers clearly reflects the damage in the Market over the last few months. It seems only a short time ago that 11 of the 15 stocks were beating the Index. Now, only 4 of the 15 stocks are beating the Index. In fact, many, particularly the brokerage stocks (i.e., JEF and RJF), industrial cyclicals (i.e., DD and UK), and the consumer durables (i.e., GT) have given up their gains since the inception of the Model Portfolio in a very short period of time. It is my observation that this is true of the larger Market as well. Yet, it's hard to be disappointed with these performance results, and I believe the portfolio will continue to accomplish its objectives in the future. There are some clear winners and some obvious laggards in the portfolio, but this will always be the case in any investment basket. 11/21/97 08/21/98 CHG FR DESCRIPTION SYMBOL PRICE PRICE BEGIN BUY & HOLD: INTEL INTC 80.25 84.94 5.84% CONTINENTAL HOMES (1) CON 32.56 50.78 55.95% BEAR STEARNS BSC 41.75 51.00 22.16% BOWNE BNE 37.63 38.75 2.99% JEFFERIES GROUP (split) JEF 36.50 36.56 .17% KAYDON KDN 33.94 33.63 -.92% ROBBINS & MYERS RBN 39.50 28.75 -27.22% DELL COMPUTER (split) DELL 41.69 117.50 181.86% RAYMOND JAMES (split) RJF 23.63 23.00 -2.65% ROSS STORES ROST 41.38 43.63 5.44% 498.82 674.10 35.14% DIVIDEND YIELD 11-15: DU PONT DD 62.44 59.56 -4.60% UNION CARBIDE UK 44.81 46.81 4.46% GOODYEAR TIRE GT 61.19 53.38 -12.77% SEARS, ROEBUCK S 47.38 51.25 8.18% MERCK MRK 94.56 129.00 36.42% 310.38 340.00 9.55% TOTAL MODEL PORTFOLIO 809.19 1,014.10 26.61% S&P 500 INDEX 963.08 1,081.18 12.26% Note 1: Continental Homes (CON) Merged with D. R. Horton and ceased existence. Therefore, we reflect the last price before the merger. Berney