I will add my concurrence with what you said. The real issue IMO is that investing is a long-term process in which you are hoping that you find a company with good growth prospects, and are willing to take the time to see that growth materialize. Bargain hunting IMO is not investing. If you find a company that is fully priced and growing earnings at a steady 35% per annum why not stick with it? That's been my philosophy for years. The only time I sell is when the underlying long-term fundamentals change.
My portfolio consists of an array of high quality issues such as ASI, ASND, ATI, BKS, DELL, HBOC, NETA, TLAB, TYC and VRC. Most of the stocks on this list sport a high P/E, but all of them also have hefty growth rates. I don't know if they are fully valued, because there is no decent valuation model for growth stocks. But I will tell you this -- there isn't a loser in that list!
TTFN,
CTC |
