|New Threads Only:|
|New Threads & Replies:|
Forum List » Guru News and Commentaries|
Guru News, Stock picks and commentaries
Ken Fisher: A Grateful Dead Year
Posted by: gurufocus (IP Logged)
Date: January 6, 2010 06:13PM
2009 was a textbook case of how stock markets are supposed to react to big bear markets and recessions.As the Grateful Dead used to sing, "what a long, strange trip it's been." When I started in this industry, 38 years ago, classy firms like Disney and DuPont sold at 40 times earnings. These were "one decision" stocks--supposedly so reliable that you could make a decision to buy them and just put them away in a safe deposit box forever. This era of glamour stock investing was followed by a decade of negative returns. And then, just as most Americans had given up on stocks, there began an almost unparalleled 18-year run for stocks.
By 2000 it was another "new era," and "clicks" not "bricks" were everything. Profits were supposedly irrelevant. Since then stock returns have been negative.
Read the complete column
Guru Discussed: Kenneth Fisher: Current Portfolio, Stock Picks
Stocks Discussed: ENI, LFL, CEA, UMC, MAN,