Why I don’t invest in gold
If the current gold bubble bursts, as the 1970s gold bubble burst, it might take decades for gold investors to recover their investment in real terms without any dividends or interest payments along the way.
asset allocation
Tariffs and their long-term impact on the stock market
As with the British Corn Laws in the early 19th century, tariffs will raise prices for consumers while profiting business owners, even those whose operations cannot compete on a level playing field with global competition. It’s amazing to think that U.S. consumers will probably face higher prices than consumers all over the world. Trump’s billionaire cronies will do just fine. The average American will not.
Legendary investors’ approach to market plunges
Like rainy days, we simply have to prepare ourselves and put up with them. And like rainy days, if we are in the umbrella business, we can take advantage of them.
The forward earnings yield another obsolete indicator
What Warren Buffett describes as the factors that make the stock market tick. They were interest rates, investor expectations for profits and investor confidence. The Fed Model was too simple but it was not in error in taking interest rates into account. Based on what I write below we should change ‘investor expectations for profits’ to ‘investor expectations for cash flows’.
The price of risk in equity markets
Mr. Market demands a very high expected return before he will invest in stocks. Whereas Mr. Bond suffers money illusion.
Is it a good time to lighten up on stocks?
If the job has been correctly done when a common stock is purchased, the time to sell it is – almost never.
Investment strategy – the best defense is a good offense
And if a person sets out to make profits from security purchases and sales, he is embarking on a business venture of his own, which must be run in accordance with accepted business principles if it is to have a chance of success.
Secure your future with common stocks
Businesses retain earnings, with these going on to generate still more earnings–and dividends, too.
Putting a world of turmoil in perspective
Today’s investor cannot tell from this record what percentage gain in earnings, dividends and prices he may expect in the next ten years, but it does supply all the encouragement he needs for a consistent policy on common-stock investment.
The curious advice to sell in May and go away
We are prone to exaggerate the consistency and coherence of what we see.
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