Great Investors Know Value

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“Global Stocks post Strongest First Half in Years, Worrying Investors”
– Wall Street Journal June 30, 2017

In last month’s article, we focused on “Understanding Progress” as one of the great qualities to adopt for anyone who wants to become a great investor. This month we focus on a similar, but slightly different quality…Great Investors Know Value.

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Great Investors Understand Progress

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“We’ve got a fully employed economy, rising real wages. We restarted the corporate earnings cycle. We’ve got strong confidence among businesses and consumers. The kick is we can do all of this without aggravating inflation and interest rates. If that’s going to continue, I think the bull market could continue forever.”
– Jim Paulsen, Chief Investment Strategist for The Leuthold Group

In last month’s article, we focused on “Knowing a Good Time to Invest” as one of the great qualities to adopt for anyone who wants to become a great investor. This month we focus on a similar, but slightly different quality…Great Investors Understand Progress

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Great Investors know it is NEVER a “Good Time” to Invest

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“The right time to buy equities for the long term is whenever you have the money”
– Nick Murray

In last month’s article, we focused on “Not Trusting Robots” as one of the great qualities to adopt for anyone who wants to become a great investor. This month we focus on a similar, but slightly different quality…Great Investors know it is NEVER a “Good Time” to Invest

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Great Investors Don’t Listen to Robots

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“Even if you could trick an algorithm into giving you the portfolio you need as opposed to the one you want—which you can’t—an algorithm can’t hold your hand, look into your eyes and advise you credibly not to worry when the market goes down 30%. You will still bolt out of your portfolio at the wrong time and for the wrong reasons.”
– Nick Murray

In last month’s article, we focused on “Taking advantage of Dividends” as one of the great qualities to adopt for anyone who wants to become a great investor. This month we focus on slightly different habit that great investors understand……Great Investors Don’t Listen to Robots.

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Great Investors Love Dividends

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“Do you know the only thing that gives me pleasure? It’s to see my dividends coming in.”
– John D. Rockefeller

In last month’s article, focused on “Taking advantage of Time” as one of the great qualities to adopt for anyone who wants to become a great investor. This month we focus on slightly different quality, but another thing great investors can take advantage of…Great Investors Love Dividends.

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Great Investors Take Advantage of Time

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“Time, Time, Time is on my side… Yes it is.Time, Time, Time is on my side… Yes it is.”
– Mick Jagger

In last month’s article, we discussed how “Understanding Risk” is one of the great qualities to adopt for anyone who wants to become a great investor. This month we focus on a related, but slightly different quality…Great Investors Take Advantage of Time.

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Great Investors Understand Risk

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“Risk is not knowing what you are doing.”
– Warren Buffett

In last month’s article, we focused on “Faith in the Future” as one of the great qualities to adopt for anyone who wants to become a great investor. This month we focus on a related, but slightly different quality…Great Investors Understand Risk.

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Great Investors have Faith in the Future

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“The ultimate resource is people—especially skilled, spirited, and hopeful young people endowed with liberty—who will exert their wills and imaginations for their own benefits, and so inevitably they will benefit the rest of us as well. Human Ingenuity is the Ultimate Resource.”
– Julian Simon, Introduction for The State of Humanity

In last month’s article, we focused on “Not Being Surprised” as one of the great qualities to adopt for anyone who wants to become a great investor. This month we focus on a slightly different quality…Great Investors have Faith in the Future

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Great Investors Don’t get Surprised

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“The time to do lifeboat drills is not after the ship has struck an iceberg”
– Nick Murray

In last month’s article, we focused on “Having a Good Memory” as one of the great qualities to adopt for anyone who wants to become a great investor. This month we focus on a similar, but slightly different quality…Great Investors Don’t get Surprised

Surprise is the Mother of Panic

Great investors understand that all good investing is really simply an exercise in the control of our emotions in the face of uncertainty about the future. In particular, there is an inverse relationship between the intensity of the emotion that we may be experiencing at any given moment, and our ability to think and act rationally. As our emotions crank up, our ability to act effectively begins to deteriorate. As a result, emotion is the enemy of sound investing policy.
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Great Investors have a Healthy Memory

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Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.”
– Sir John Templeton

In last month’s article, we focused on “being observant” as one of the great qualities to adopt for anyone who wants to become a great investor. This month we focus on a similar, but slightly different quality…Great Investors have a Healthy Memory

There is great wisdom in John Templeton’s quote above, as it recognizes investor sentiment as an enormously important factor in stock market cycles.  In our view, long term market cycles are largely dictated by “the mood of the crowd”, and great investors are well served to pay attention to investor sentiment.  To paraphrase Templeton, we have a belief that no great, multi-year bull market can begin unless the majority of the investing public is terrified of losing money in stocks, and that their equity holdings can tank at any moment, and for any reason.  Alternatively, no terrible bear market can occur unless investors are complacent, and convinced that stocks can’t go down at all, and that their greatest risk in their stock portfolios is that someone else is earning bigger returns than they are.
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