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Strategies & Market Trends : Value Investing

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From: Paul Senior	4/28/2008 5:06:17 PM
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Herb Greenberg moving on. Not one of my favorite people. Good departing column though: "Parting advice Commentary: After 34 years of covering business, five simple lessons" marketwatch.com I spotted his previous column, an interview with Thornton Oglove, a financial analyst/author who I assume many of us here have followed through the years. Some good points in that article too, imo: marketwatch.com "How did we get in this mess? "Because the quants come out of school and tell you how much risk you get until you get a black swan and the markets go haywire. The interesting black swan this time was Bear Stearns. It went public in 1985 and until 2006 completely outperformed Berkshire Hathaway . Even in a bear market it went up. Then came the black swan. Who would've guessed it would have been Bear Stearns?" With that in mind, how should somebody invest? "If you're going to invest, you need to take a stand. And it isn't for the faint of heart. I don't care what stock you own, if you own it long enough, it will eventually go down more than 50%. But psychologically, there is safety in numbers. You will find to your astonishment stocks you never dreamed of will go up tenfold or 20-fold. If you have a few of those, you can have 30 lemons out of 100 stocks. And don't worry about trying to rebalance your portfolio. You're always rebalancing automatically when you own a lot of stocks." "

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