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

To: Paul Senior who wrote (6219)	3/7/1999 9:16:00 PM
From: Walter in HK	Read Replies (3) \| Respond to of 78476

Paul thanks for the Weitz input. The 6 you mentioned I looked up the SI Charts, as a starter, and noticed 4 don't have a thread which may be a good sign. The other two have a last post which is 2 mo and 2 weeks old. Five sound like they are hi-tech, all are in SI's data base. One successful stock investor quoted in John Trains book years ago says if broker report appears in some index, he won't bother. The point is, everything is so picked over today, Values are so hard to find. Why, I put four kids through MIT by studying Value Line for two hours on Sunday in the 70s and 80s. You could trip across a good company where you can buy cash at a 55 % discount. Them were the days. This is why I look for someone to help. And I would like to study what Weitz is holding some more. Where can you find it on the internet ? Would appreciate info. I also looked at the 100 months charts (not all the Weitz Funds are that old of course) and perhaps there are funds with greater gains. But some respected professor has this theory that fund results of the future are random, you have no better chance going by past record. In other words even Peter Lynch was just lucky. I think there is some truth in this because when someone comes up with a certain screen etc and the trend for that year or decade happens to favor those criteria, then the fellow will look like a hero - until the trend changes. Lynch wisely retired at the top. Maybe he knew. So, how do they behave in the long run, in a downturn ? I don't mind if somebody can find a track record better than Weitz . Or if Weitz has one less glorious than somebody else in the future. I just would feel safer for the future, precisely because Weitz bought “with a margin of safety” (see Ruckeyser transcript of Oct 9) For this reason, I think the investment criteria (and the person applying them) are at least as important as the track record. I quoted the criteria of Weitz in my earlier post #6198 because I like them. How do they really vary from what the “Value Investing” thread is after? You said in your answer “ ,,,CYCL, TDS, VCI, ICII, DTLN, VCELA, et. al. - are not your standard issue value companies. Buying these companies IMO, requires or required either faith in Weitz or some heavy duty business knowledge” Yes, I might develop that faith, after some more checking. Looks great, so far. and “ ..you've classified Weitz as "a WEB type fund manager". If he is, then value investors might not be looking for the same stocks Weitz is." Mind you, I will concede, if you let someone else do your picking (because of “heavy duty business knowledge” for which you and I presumably don't have the time to develop) then we can't have some of the fun, like discussing it with others on the threads (after ignoring some garbage) But what are we after ? I am an investor and I take money seriously. Frankly, I think there is more money around than talent to administer it. Real talent. Just think of Long Term Capital. Why, that guy only had to report once a quarter when at Salomon. Salomon was careless. More money than talent around. If you don't mind, kindly look at my post Message 8158333 which quotes one page from the Weitz prospectus. If that isn't “Value Investing”, what is ?