Is it time to buy yet? With the Hang Seng Index now falling towards 19,000, are prices becoming more attractive and tempting? How about New York, with Dow Jones now back in 4 digit numbers, is this too low?
If one waits to hear the answers, which will be shown in the market’s statistics, then you can easily have wasted the opportunity. But on the other hand, if you were right to wait, then you would have made gains in the prices that you have paid; however if the market does perform according to my expectations, then the potential gains are probably less than 10%, and would that be relevant in the long run?
Taking the last question first, then I reckon that the US index is nice and cheap. However looking at real investment shares, not glamorous shares, but ones that one would place in a pension fund for widows and orphans, I find that the market level is on the cheaper side of average.…
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"Nevertheless it gives us another opportunity to buy shares cheaply, and the problem then becomes which ones. There is no reason to worry whether this is the bottom, because at this level it is decidedly cheap, and whether one were to buy at 11,000 or 12,000 on the Hang Seng Index scale will make much difference when you look back to the original price of acquisition."
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