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John Lounsbury

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  • Canaccord Adams on Four Likeliest Economic Scenarios for 2009 [View article]
    I, for one, appreciate the perspectives of the author. I guess that puts me in a minority of one so far in this comment stream.

    I see several stocks I have owned in the past but been out of for nine months and longer. One stock I do own (and haven't seen commentary on) is HOLX. I have been short against the box for six months to protect past capital gains because my analysis indicates much higher fair value. If we have recession (depression?) that lasts more than 18-21 months, my fair value estimates will be too high. But, even then, my assessment is the current price is too low.
    Jan 7 12:45 PM | Likes Like |Link to Comment
  • Does Valuation Matter? [View article]
    You can not value a stock without making an estimate of future earnings. The true value of a stock is the present vale of all its future earnings discounted to today. In the long run, all stocks will time average to a true value.

    The fly in the valuation ointment is the estimation of future earnings. At best, it is an educated guess. At worst, it is a dart board.

    Thus, enter momentum. If one has a nimble strategy with good loss prevention techniques, one can far outperform a successful value investor with momentum trading. I believe the truly great can combine value investing with momentum strategies.
    Jul 4 10:37 AM | Likes Like |Link to Comment
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