Kenneth Fisher Quotes
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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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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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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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I never liked quantitative easing. It's misunderstood by almost everybody. Flattening the yield curve is not stimulative; flattening the yield curve is anti-stimulative.
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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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Environmentalists should like fracking for its relative cleanliness. But they don't. They have made a bugaboo out of the chemicals in fracking fluids, which supposedly can leach into groundwater sources. I'm convinced they're dead wrong. Ultimately, good technology with a cost advantage will win out over paranoia.
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Both cheap value stocks and more glamorous growth stocks can work well in a portfolio - if done right.
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In the early days, I promoted the idea of spending time in libraries to gain facts that other investors didn't have. Not many people did that kind of research, so it worked.
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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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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.
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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.