Wasn't it about 5 months ago that we had this same discussion? Didn't I recall a few of you saying the same thing - market too high,
going to cash? Now the market is higher and what do I see? At least one person is back to fully invested- I figured he couldn't stay
out -g-.
That would be me ;-). The way I see it, the market is moving to
new highs as if Asia never happened. For 15 years now, when the
market has moved to new highs, it meant good things. Ultimately that
will change, and this is as good a time as any.
BUT many many stocks have been killed out of proportion. In the
last months I deployed most of my cash position in these beaten-down
stocks:
PHSYA (down 50%)
MSA (down 20%)
BMC (down 50%)
TBR (down 40%)
YUM (down 30%)
SJP (down 20%)
There are others out there. The net of it is I don't know who the
heck is paying for MSFT and Gilette and the like at these
prices, but if I keep my head out of that nosebleed netherland,
I see stocks to buy that weren't there 5 mos ago. As the nosebleeders
get stupid-happy for lack of O2 to their brains, so be it. Their
stupidity can't make me ignore the gold between their toes.
BTW, new posters to the thread should see Paul's initial
posts to me - "I kinda see you twisting in the wind" and
"You're a medical doctor, ipso facto a lousy investor."
Paul's quite an asset to the thread. If we were all drinking
buddies, the thread would simply suck. So steel yourselves
up and throw out those contrarian views.
I certainly entertain different styles of value investing
for my portfolios and I'd hope the thread does too.
Good Investing,
Mike |
