Kenneth Fisher Quotes
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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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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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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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What is the most common investor mistake? Trading - getting in and getting out at all the wrong times, for all the wrong reasons.
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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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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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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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Both cheap value stocks and more glamorous growth stocks can work well in a portfolio - if done right.
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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.