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Strategies & Market Trends : Value Investing

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Shane M

To: Graham Osborn who wrote (57659)	8/1/2016 9:01:14 AM
From: Micah Lance	1 Recommendation Read Replies (4) of 78704

On topic book recommendation here: The most important thing by Howard Marks (https://www.amazon.com/Most-Important-Thing-Thoughtful-Publishing/dp/0231153686) I still have 3 chapters left, however the book is fantastic. It has 3 chapters covering risk and understanding it that are phenomenal and worth the price of the book themselves. As for the on topic part, Marks discusses at least "knowing what inning we are in," but warns not to get too heavy into macro trades or guessing the exact direction of the market. He more suggests caution if there are indicators that the market might be nearing a top, and gives a chart that helps show when to exercise caution. I think this kind of goes along with Graham saying value stocks purchased at or near a top will still lose money (as you mentioned in an earlier post). I will say I agree completely with your macro views and my current portfolio backs up my talk. I would much rather be cautious now and be patient even if it causes me to miss a move higher.

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