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We have just about completed the first
six months of 2004 and it is probably timely to check all the value stocks in
one's portfolio. Call it a mid-year reality check of value securities.
While this analytical process should be
an ongoing event for all investment managers, the fact that we are halfway
through the year should be an inducement to recalibrate our portfolios.
This review entails examining each and every security with regard to their
economic and portfolio relevance, price to value and target price.
Inappropriate positions, we believe, should be replaced with fresh securities or
temporarily parked in cash. |
