chart, page-31

what a load of rubbish
it is pure arrogance for anyone to suggest
that TA does not work
and FA is the only way

should the measure be outpefroming a benchmark
after fees and tax by a certain percent
someone with $10m capital can easily
make $1m per year
but does that prove the basis by which the person has made the monies

question

what would you do if bhp was at $17
and didnt increase its dividend for 2 years
or if bhp increased its profit $5b yet
$4.9 b was through increased prices
not throught increased sales

do you value the company on peak earnings
or discount back to the mean

at what point of overvaluation do you sell
stocks can run way over value
do you take the tax effect of selling into account
or do you just sell when the stock reaches a percent above your own valuation

do you then have to wait for the next quarterly to come out to determine whether the companies cashflow/profits/balance sheet has changed before you can up date your fundmanetal valuation

when the market turns pear shaped
how long can you hold with a geared portfolio
before you get out

if FA is the only way
and the colombia business school (home of the value gurus) has graduates every year why arent these graduates all making $1m's each within the first few years

im not saying value investing doesnt work
rather i think it is the best way and you can fine tune it with some tech analysis