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Strategies & Market Trends : Value Investing

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From: Graham Osborn	8/1/2015 9:06:16 PM
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Just a passage I came across reading through Super Stocks that struck a cord: The 1960s through 1973 represent a set of Bull Markets that have seen few peers. Optimism was rampant. New issues came public at a tremendous rate and at very steep prices. People talked of a new era in stocks. Many big companies sold at 30 to 60 times earnings and smaller ones at 100 times earnings or more. In the 1960s, smaller companies caught the headlines. In the early 1970s people began talking about a "Two-Tier Market" as larger companies led the market. As always, the excess optimism ended with a period of retribution. The 9 years after 1973 were difficult for the stock market as a whole. Prices plummeted and failed to recover to new highs. (Both 1974 and 1982 saw stock prices so low that that the typical stock could have been bought substantially below liquidation value.) Certain sectors did better. Technology stocks started a bull market in 1978 that was sustained throughout the period. Oil stocks had a strong period in which they set new highs. But most stocks languished below their 1968 or 1972 highs. meritasadvisors.com Weird, huh? Look out PG!

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