“Ignore at your peril”
We've come full circle with this column, today being its very first anniversary. What have most investors learnt? Almost nothing!
Many are nursing losses on complex investment structures in which they are stuck. Some haven't even invested, tying up their funds in cash which earns next to nothing. Others speculate, slowly burning away their life savings. Buying the best companies a year ago and holding would have yielded 50% or more.
Despite being the root cause of the world's problems these past three years, the US just happens to be where the strongest and most successful companies are based. Their tentacles spread far and wide. More great companies join the list each year than exit. Facts are facts even if we may not want to believe them.
Their biggest drawback is the quality of senior management over which we have no control. …
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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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