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


To: bruwin who wrote (56701)1/24/2016 2:24:15 PM
From: Graham Osborn  Read Replies (2) | Respond to of 69205
 
Well let's not forget that Graham was one of the great macro investors. That's why he spent so much time on the theory of market levels and equity/ bond allocation etc. Every account I've read of Graham implies he would have been out of the market at these levels. That's very different from Buffett's "hold forever" mentality which basically says he doesn't care about the market or Berkshire's valuation over the short/ intermediate term. Buffett was a long term holder whereas Graham believed in relatively short holding periods of 2-5 years. After considering Buffett's comment "I could do 50% a year in stocks easy" from many angles, I've concluded its baloney - maybe you could do that in microcaps in the 50s-60s when he got started, but we are in a very different macro environment currently. Not saying such returns are impossible, but the mechanism to achieve them will be very different right now.