Six great investors on how to do it
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    Six great investors on how to do it

    President of Dorfman Investments in Boston is a commentator for Bloomberg News.

    If Benjamin Graham were alive, he would be the first in my queue to speak at an unprecedented “investment in undervalued stocks” conference of stars of all time. He would be joined by Phil Carret, as well as John Templeton and John Neff, who are retired, and David Dreman with Warren Buffett, who continue their craft.

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    Graham and "recklessness"

    Considered to be the father of investment in undervalued stocks, Graham ran a New York hedge fund and taught at Columbia University. His book "Security Analysis" (with David Dodd) and "The Intelligent Investor" are "Old and New Testament" for investors in undervalued stocks.

    He once said that his goal was to do "something foolish, something creative and something generous" every day.

    About the choice of the time period of the market, "there is no reason for any typical investor to believe that he can get a more reliable guide than the countless speculators who are looking for a" beacon ".

    As for chart analysis: "there is no commonly known method of chart analysis, which would be consistently successful over a long period of time. If we knew such a method, it would be quickly adopted by countless traders. And this would quickly lead it to the end. "

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    Carret and "waiting"

    Phil Carret founded one of the earliest and most successful mutual funds PioneerFund. The pilot of the First World War, he reached the age of 101 and traveled all over the world to watch the solar eclipse.

    I met Carret when he was over 90 and still energetic and harsh. One comment he made struck me: "You should never buy a stock if you do not expect it to double."

    A few more observations from the book "Classic Carret":

    "The greatest fortunes are made by sitting on good securities for years, rather than by the active trade."

    "I am a coward, and I do not have enough sense of when to take cash, so we are always fully invested."

    "Be quick, taking losses, take the time to take profits."

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    Templeton and "pessimism"

    Born in Tennessee, John Templeton now lives in the Bahamas and is an honorary citizen of the United Kingdom. From 50th to 80th he ran one of the most successful in the history mutual funds, including TempletonGrowthFund.

    In 1939, with the arrival of the Nazis in Europe, Templeton borrowed $ 10,000 and bought 100 shares of each stock, trading below $ 1 on the New York and American stock exchanges. He increased his money four times in four years.

    The Templeton's concept combines the hunt for a bargain (stocks with low price-to-earnings ratio) with the search over the world. When searching in many countries, instead of just one, he said that it is more likely to find deals.

    "Invest in a position of maximum pessimism," Templeton liked to say. When other people thought that certain countries or stocks were hopeless, he was just getting interested.

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    Neff and the "back door approach"

    After three decades of management VanguardWindsorandGeminifunds, John Neff announced a 5600% income.

    In his book "John Neff on investment," Neff pointed out several of his strategies.

    He was buying on bad news after a stock has dropped significantly. "Windsor brought good returns again and again disagreeing with the prevailing opinion," he wrote. For example, he bought insurers like CignaCorp., when Wall Street was sure that they would go bankrupt due to the cleaning of environmental and toxic emissions.

    "The approach to the back door" was another Neff’s slogan. He loved roundabout ways to invest in popular industries where most of the shares were too expensive for him. When stocks of oil infrastructure were "hot", he bought NorthwestIndustries - a conglomerate, which has received about half of its revenue from the creation of the drill pipe.

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    Dreman and "surprises with yield"

    David Dreman, my mentor in the business of securities, manages DremanValueManagement in Jersey City, New Jersey. He writes an investment column for "Forbes" magazine and has written several books, including "The opposite Investment Strategies, the Next Generation."

    One Dreman’s investigation has a purpose to show that undervalued stocks react more favorably to surprises with profitability than growing stocks do. They are going down less on bad news, and more dramatically boosted by good news. This "distinctive reaction to surprises with yield" is problematic, because surprises with yield, as Dreman’s research shows, are quite common.

    Since 1970. until 1996., another Dreman’s research found that stocks in the bottom fifth part of the price-to-earnings ratio make profits 19% a year, while those in the highest part - only 12.3%.

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    Buffett and "good results"

    "A Sage from Omaha", Warren Buffett started as a hedge fund manager and then switched to manage garment manufacturer «Berkshire Hathaway Inc.», which he brought to the insurance company with a large investment portfolio.

    Regarded as the best investor of our time, Buffett increases money for his investors by about 30% per year. The second of the richest people in the country (after his friend Bill Gates), Buffett has lived for many years in a modest house in Omaha (now he has a big house in California) and was devoted to such "delicacies" as cheeseburgers and cherry Coke.

    About his Coca-Cola stock: «it’s the last thing when you put your money in something you love"
    In 1974., after a severe bear market, "Now is the time to get rich."

    About the hunt for a bargain, "Do not expect to make a good sale. Have such a purchase price that even a mediocre sale yielded good results. "

    _______________________
    John Dorfman

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    One common quality among the top great investors was they were disciplined and never compromising to their plan and they had confidence in their abilities. I am sure there is 1 David Dreman with 1 Warren Buffett inside each trader, we just need to recognise him and walk on the path those great traders/investors used to achieve success.

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    I believe that trading forex is not just starting today, this is why traders must have know the best things to do this time, except that they are still following the things of old, juts as this thread as proved. I still can not believe all the legends in the Financial Market are talking about, there are more to trading financial market than sudden success that they have proved.

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    Quote Originally Posted by cozard007 View Post
    I believe that trading forex is not just starting today, this is why traders must have know the best things to do this time, except that they are still following the things of old, juts as this thread as proved. I still can not believe all the legends in the Financial Market are talking about, there are more to trading financial market than sudden success that they have proved.
    well, forex trading isn't start only from now for sure! they have existed since a long time ago! But then, it's true that the forex market is just popular now adays. Well, at least the knowledge from the past are still useful even for now.

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