October 25, 2008 –
It's getting hard to be selective. I think valuations are getting to the point where you can throw a dart on a board full of companies with moats and you will have good odds of earning 12%-15% returns over the next 10-15 years. I don't want to name any stocks because of TMF trading rules (have to keep my options open), but for someone in his or her twenties, this market is a dream come true. You can't have a great bull market that builds tremendous wealth without low valuations to start with. We're just about at the point where anyone putting together a portfolio full of the best, wide moat companies will be set for the next 20 years. I'm excited!
Here's a link of some notes from a recent talk by Charlie Munger on the state of the economy and stock market:
http://www.istockanalyst.com/article/viewarticle+a... [more]
October 13, 2008 –
It is tedious to hold shares in a good company for an extended period. Even if the investment does well, most of the time it feels like the stock is treading water or even going down. Part of the problem is that the value of the business is quoted 6 1/2 hours a day, 5 days a week, 52 weeks a year, and market liquidity tempts us to trade from one stock to another. [more]
June 07, 2007 –
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RELATED TICKERS: WFMI
After reading the news the other day about the FTC blocking the proposed merger between Whole Foods Market and Wild Oats, I was a little shocked. When I read the comment from the FTC that the merger would monopolize the grocery business and force the consumer to pay higher prices for lower quality products, I thought, "are you kidding me?!?!". Nothing could be further from the truth. [more]
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