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

To: jeffbas who wrote (7238)	5/20/1999 3:38:00 PM
From: cfimx	Respond to of 78565

>>Then tell me the last time you know of that a company did a secondary at the kinds of prices we talk about that make value stocks. << pme, a week or two ago - of course you'll have to do a little digging to figure out WHY it is a value. you WON"T get it from yhoo. oh, and ecp a month before that...

To: jeffbas who wrote (7238)	5/20/1999 3:57:00 PM
From: moat	Read Replies (1) \| Respond to of 78565

Jeffrey Bash, I know what your problem is: 1) You don't understand that value investing and growth investing are two sides of the same coin. Both Buffett and Munger have said this a hundred times. Intrinsic value = future cash flow discounted to present. Use this equation to calculate if you are buying a stock at a discount to that calculation. ("value" does not only mean p/b, etc) 2) You only have one model in your mind. Read: "To a man with a hammer, every problem is a nail." Buffett "moved on" from Graham's model, and said "It should be noted that your Chairman, always a quick study, required only 20 years to recognize how important it was to buy good businesses. In the interim, I searched for 'bargains' – and had the misfortune to find some." 3) You don't bother to do the research -- you did not read about company fundamentals before commenting on the stock. Finally, all I am saying is that a stock is very cheap at 15 p/e when its growth rate is at 100% Y/Y.