>>New positions: COST, BAMXY, CFX, TDY<<
Going for quality, valuation be damned? Did you read the "The Outsider" book?
No, I have not read the book. I read Brooklyn Investor's blog. :) And I partially agree with his argument that buying quality companies at high prices might be better than holding cash or buying "cheap" but crappy leftovers after bull market runup.
BTW, even Graham has made the same argument... but somehow most people remember him as pure cigar-butt valuationist. Even Buffett never mentions that Graham had Munger ideas before Munger :))
Note that these are initial small positions and that I still hold quite a bit of cash and fixed income. So don't start telling me that this is bad investment. :) And I can change my mind at any time. :)
It might be the sign of the top though. :P
Also BTW, BAMXY is not that expensive. So we are talking only about COST, CFX, TDY. And couple more "valuation be damned" companies that I have held for some time: AMNF, CMI, JNJ, ASBRF, SBMRY. |
