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Richard's Wisdom

September, 2017 Archives

Richard’s Thoughts on Long-Term Returns

Richard’s Comments

 

It’s interesting, but the great portion of what we hear about stocks today is concentrated on near-term performance. CNBC has even reduced stock analysis to quarterly earnings (after all, they have to fill up a lot of time each day).

 

Yet when stocks collapse, Wall Street’s apologist-strategists talk about “holding for the long term.” Ah, there’s the irony. THE DEPRESSING FACT IS THAT STOCKS ARE NOT PRICED TO BRING IN HEALTHY RETURNS OVER THE LONG TERM.

 

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Richard’s Thoughts on Human Nature

Richard’s Comments

 

I spent the weekend re-reading my collection of Robert Rhea's Dow Theory writings and also re-reading William Hamilton's great book "The Stock Market Barometer." Hamilton (a Brit) was Dow's understudy and fourth editor of the WSJ. Talking about Dow Theory, Hamilton writes, “But the pragmatic basis for the theory, as working hypothesis if nothing more, lies in human nature itself.”

 

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