Does it really matter when a bull market begins? Whether you measure it from the low in 2009 or when new highs were made in 2013, isn’t this just semantics?
One of the appeals of private investment vehicles is that they’re able to seek returns that are not correlated to traditional asset classes like stocks and bonds. One corner of this universe are personal injury lawsuits.
Stanley Druckenmiller is the owner of one of the most remarkable track records of all time. He is one of the few investors to clearly see and navigate the macro landscape. But during the late '90s, like so many others, he was infected with the fear of missing out.
If you own bitcoin or any of the other cryptos that are making those of us who don’t feel foolish, good for you. For the rest of us, we’ve got some tough choices to make.
Netflix, Facebook and Amazon are each up 60% in the first 11 months of the year. Apple, is up 50%. Google, the laggard, is up just 34%. Enjoy it while it lasts because nothing about this is normal.
The reason why most investors fail to capture market returns is because they overestimate their ability to stay calm when the terrain gets rough.
I’m not saying stocks are cheap. Based on every traditional valuation metric, stocks look really expensive. But I’m just saying, it’s possible that they’re only sort of expensive.
There are three different types of contrarians: those who are early, those who are late, and those that are right. It's easy to be one of the first two but very hard to be right.