METZ-----------(1)..........when a stock rises to some arbitrary level, they sell it based on fundamentals........correct me if I'm wrong but Buffet NEVER sells anything. He's "imprisoned" by the tax consequences of selling off any off his bigger long-term holdings. (2) Assigning a value to a company relative to it's stock price is an arbitrary decision based upon whatever subjective criteria you choose. Do you think you're smarter than the market at assigning value? (3) Fundamentals were "cheaper", i.e. P/E's and dividends, during the 1950's, 60's, 70's and early-1980's during the heyday of Buffett and Lynch. They're both on record as saying that they haven't seen any value in the market the past several years. Are you willing to wait many years for "real value" to return to the market? (4) Would you believe that the best performing stocks have the worst looking fundamentals?
