Message:

<p>[QUOTE=&quot;Smitty, post: 1360021, member: 35044&quot;]I&#039;ve read Graham&#039;s book. It&#039;s definitely on the list of books that should be read by serious investors. I&#039;ve recommended Fundamental Analysis for Dummies to beginners as a starting point. It&#039;s actually not a bad book. You&#039;re right, theoretically, in general, value investing should work over the long term.</p><p><br /></p><p>We probably only differ in that a true value investor looks at the market bottom-up, and I look at it top-down. But we both still calculate the value of companies. It&#039;s just that value investors do it first and I do it last. You probably have found an approach that suits you well.</p><p><br /></p><p>I certainly don&#039;t recommended, and in fact, cannot explain in few words my specific approach to investing. It&#039;s just too fluid and involves too many varying inputs. It is not &quot;formulaic&quot;, although you could say that &quot;currently&quot; the majority of my investments are based loosely upon macro trends. But I will hit-and-run when I see the opportunity. I&#039;ve studied and used a lot of approaches to finally get to the one that suits me.</p><p><br /></p><p>My issue with picking an approach, any &quot;static&quot; approach, is that it can go wrong for long periods of time. Even Buffett has done poorly for quite a while. Can you sit there losing money, waiting ... hoping for it to reverse and for the market to come back to its fundamental senses? Some people can. I can&#039;t. At least not with stocks. The &quot;time value of money&quot; just eats away at my psyche. And my experience tells me that I can usually find something better, even if it&#039;s only cash. As Keynes said, the market can stay irrational longer than you can stay solvent. </p><p><br /></p><p>However, I do believe that with any approach you pick, knowledge is king.[/QUOTE]</p><p><br /></p>

Your name or email address:

Do you already have an account?

• No, create an account now.
• Yes, my password is:
• Forgot your password?

Stay logged in