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

To: MCsweet who wrote (5246)	11/8/1998 3:30:00 AM
From: Paul Senior	Read Replies (1) \| Respond to of 78901

McSweet: I try never to predict earnings or use analysts' estimates of future earnings. You will notice my post only talks of PAST earnings. But the trend of earnings is up. (I define a trend as 7 points in the same direction.) I believe we all define value a little differently. Nevertheless, I'll guess that not many people here on the value thread think that Mr. Buffett is a value investor as they define value investing. (Maybe he once was, but not now.) To me, buying a company below some level of its intrinsic value (evaluated by using p/bv or psr company history or industry comps, and some other measures)-- that is certainly is a form of value investing. I do not require increases in revenue to be the driver to get to higher stock prices in all cases. For example, some investment categories that are generally considered 'value investments'-- net-nets, hidden assets, and temporarily depressed prices -- do not require 'growth in revenue' to be 'relied on foremost' Thanks for response on MGIC. Paul Senior

To: MCsweet who wrote (5246)	11/8/1998 1:11:00 PM
From: Praxis	Read Replies (1) \| Respond to of 78901

Number one: Take my comments at face value, they are EXACTLY what is written not forecast or estimates, had i meant that, I would've wrote it. Number two: You don't consider Buffett a value investor? Then my friend, you don't know what you're talking about. Buffett bought KO when it was extremely undervalued and a market pariah, now of course everyone sees its value and global franchise and has bid up the price this last decade to overvalued levels. Buffett, using his own tenets, would not buy KO today, nor has he added to his position in the last 5 yrs.