Kenneth Fisher Quotes
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The bubble, as investing phenomenon, has been well studied ever since the 17th-century tulip bulb frenzy. Its counterpart in bear markets is not well understood.
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Hundreds of investors ask me questions each year about the dilemmas they confront. Their worst problem? Uncertainty. They are traumatized and become emotional or confused to the state of inaction. Even worse, they try to solve a short-term problem in a way that hurts them financially in the long run.
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Generally, variations in earnings aren't nearly as impactful on glamour growth stocks as are changes in image and, well, sexiness. I often think of glamour stocks as though they are attractive women dressing to the nines.
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Buying only what you know can end in disaster. Just think about Enron's employees and business partners, the 'locals' who bought lots of its stock because they thought they were in the know.
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Back in the '60s and '70s, data were scarce, and while analysts knew that companies with fat gross margins lagged those with thin gross margins early in bull markets - and overachieved in the later phases - they couldn't do much about it.
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Normally, the market peaks before bad news emerges. That's what happened in 1929, and that's what happened in 2000.
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Originally, I thought Republican. Now I'm an equal opportunity politician-hater.
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If you've taken Econ 101, you know that the quantity of money rises only when the banking system makes a net loan.
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Fundamentally cheap stocks are often held in low regard by market participants. Something may be tainting their perception in investors' minds.
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Anyone can see how if a feared tax hike doesn't happen, that's a positive factor. But even if tax hikes happen as feared, vast history tells me it doesn't have to have the big bad impact folks fear. And fear of a false factor is always bullish.
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If you are prepared for some risk, junk bonds pay about 5%, but they tend to get whacked when interest rates rise. Same with lower-yielding but higher-quality corporate bonds.
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Normally, if you have a huge category that leads a bear market all the way down to the bottom - like tech after 2000, or energy in the '80-'82 bear market - you get one quick pop, and then years of lag as we fight the old war.