MNV01

FWIW Bill Fleckenstein http://www.cxoadvisory.com/3193/individual-gurus/bill-fleckenstein/

Maui, Hawaii

This small investor is on page 50 of The Big Secret. So far the secret is that valuing a company is very hard and most experts can't do it. I'm really enjoying this book so far. Of course I'm bias. It supports my thoughts that investing for the little guy does not need to be complicated nor results unsatisfactory. This is my experience over the last 25 or so years. As you all know Ben Graham wrote for the little guy too. Joel Greenblatt quotes Graham on the last page of The Big Secret. The main point is to have the right general principles and the character to stick to them...The thing that I have been emphasizing in my own work for the last few years has been the group approach. To try to buy groups of stocks that meet some simple criterion for being undervalued--regardless of the industry and with very little attention to the individual company...Imagine--there seems to be practically a foolproof way of getting good result out of common stock investment with a minimum of work. It seems too good to be true. But all I can tell you after 60 years of experience, it seems to stand up under any of the test that I would make up. --Ben Graham Milton