Hurricane Ian, a powerful a Category 4 storm with winds just shy of Category 5 strength, will soon make landfall on Florida’s western coast. The hurricane’s eyewall is starting to move onshore now.
At 11 AM EDT, the eye of Hurricane Ian was located 45 miles West-Northwest of Naples, FL. Ian is moving toward the north-northeast at approximately 9 mph. This general motion with a reduction in forward speed is forecast today, followed by a turn toward the northeast on Thursday.
On the forecast track, the center of Ian is expected to move onshore within the hurricane warning area in a few hours, move over central Florida tonight and Thursday morning and emerge over the western Atlantic by late Thursday. Ian is forecast to turn northward on Friday and approach the northeastern Florida, Georgia and South Carolina coasts late Friday.
Maximum sustained winds remain near 155 mph with higher gusts. Ian is a category 4 hurricane on the Saffir-Simpson Hurricane Wind Scale. Ian is forecast to make landfall on the west coast of Florida as a catastrophic hurricane. Weakening is expected after landfall, but Ian could be near hurricane strength when it moves over the Florida East coast tomorrow, and when it approaches the northeastern Florida, Georgia and South Carolina coasts late Friday.
Hurricane-force winds extend outward up to 45 miles from the center and tropical-storm-force winds extend outward up to 175 miles. A Weatherflow station on Sanibel Island recently reported sustained winds of 58 mph with a gust to 75 mph.
The estimated minimum central pressure is 937 mb (27.67 inches).
This graphic shows an approximate representation of coastal areas under a hurricane warning (red), hurricane watch (pink), tropical storm warning (blue) and tropical storm watch (yellow). The orange circle indicates the current position of the center of the tropical cyclone.
The dot indicating the forecast center location will be black if the cyclone is forecast to be tropical and will be white with a black outline if the cyclone is forecast to be extratropical. If only an L is displayed, then the system is forecast to be a remnant low.
The letter inside the dot indicates the NHC’s forecast intensity for that time:
D: Tropical Depression – wind speed less than 39 MPH
S: Tropical Storm – wind speed between 39 MPH and 73 MPH
H: Hurricane – wind speed between 74 MPH and 110 MPH
M: Major Hurricane – wind speed greater than 110 MPH
When confidence is high, the ten-year treasury bond’s price drops and yields go higher because investors feel they can find higher returning investments and do not feel they need to play it safe.
The 10-year treasury bond is a debt instrument issued by the government of the United States. As its name implies, it matures in ten years. Over the course of that time, investors holding 10-year treasury notes, earn yields. The 10-year T-notes are issued at a face value of $1,000, and a coupon specifying a certain amount of interest to be paid every six months.
The importance of the ten-year treasury bond yield goes beyond just understanding the return on investment for the security. When confidence is high, the ten-year treasury bond’s price drops and yields go higher because investors feel they can find higher returning investments and do not feel they need to play it safe.
Like other types of investments, commercial property investors follow the,10-year treasury bond yield trends because it serves as a proxy indicator for things like mortgage rates. Put another way, as the 10-year treasury bond goes, so goes mortgage rates.
The 10-year treasury bond is important to commercial property investors because it acts as a strong indicator of how the macroeconomy will move in the short-term. The 10-year note price is determined by four factors: the face value, the dollar price, interest rate, and yield, writes Forbes.
Face value, also referred to as “par,” is the price the government agrees to pay out at maturity.
The dollar price is the amount paid for the bond, relative to its face value.
The interest rate is the amount of interest paid over the life of the note.
And, the yield, is a combination of the dollar price and the interest rate.
The 10-year treasury bond’s performance, as mentioned above, is a strong indicator of how the U.S. economy is currently performing and is forecast to perform in the future. Which means, since the 10-year note is a proxy for mortgage interest rates, that’s a very important metric to commercial property investors.
After all, if mortgage interests rates rise, the long-term cost of buying commercial property goes up. Meaning the ROI might shrink. However, if the forecast is for mortgage rates to fall, then commercial property investments become more lucrative over the long-term.
Changes in the 10-year Treasury yield tell us a great deal about the economic landscape and global market sentiment, professional investors analyze patterns in 10-year Treasury yields and make predictions about how yields will move over time. Declines in the 10-year Treasury yield generally indicate caution about global economic conditions while gains signal global economic confidence.
It’s the action in the secondary market that determines the yield. This is important to note because it’s this rate that people refer to when they’re talking about Treasuries. The coupon rate, while technically the interest rate you will receive in relation to the Treasury’s face value, will likely be different from the effective yield you end up getting. If you pay less than face value, your effective rate will be higher; more and it will be lower.
Prices (and therefore effective yields) change for bonds almost constantly. That’s because a bond’s price is inversely related to yield: When demand is high and Treasury prices rise, yields fall—conversely, when demand is low Treasury prices fall and yields rise. This ebb and flow ultimately creates the Treasury pricing market as people flock to (and then from) Treasuries based on the economic environment they find themselves in.
The 10-year Treasury yield serves as a vital economic benchmark, and it influences many other interest rates. When the 10-year yield goes up, so do mortgage rates and other borrowing rates. When the 10-year yield declines and mortgage rates fall, the housing market strengthens, which in turn has a positive impact on economic growth and the economy.
Bond market volatility is usually a sign of a weakening economy. The recent U.S. Treasury yield fluctuations have given market strategists reasons to be concerned about looming economic issues. Studies and empirical evidence show a volatile U.S. Treasury note market is not good for foreign countries holding U.S. T-notes and dealing with significant debt issues, writes Bitcoin.com. That’s because when U.S. T-notes are leveraged for restructuring purposes and a resolution tool, “sudden and sweeping daily swings” can punish countries trying to use these financial vehicles for debt restructuring.
Schwab Market Update: Stocks end higher after a choppy session as the markets await this week’s Fed monetary policy decision; the yield on the 10-year Treasury note hit 3.5% for the first time since 2011. Our latest Market Update: https://t.co/0dvcQ5REf2pic.twitter.com/Xdh0if9QLF
The 10-year Treasury yield also impacts the rate at which companies can borrow money. When the 10-year yield is high, companies will face more expensive borrowing costs that may reduce their ability to engage in the types of projects that lead to growth and innovation.
Higher 10-year Treasury yields should help cool down the economy and bring down decade high inflation in the long run.
The 10-year Treasury yield can also impact the stock market, with movements in yield creating volatility.
Rising yields may signal that investors are looking for higher return investments but could also spook investors who fear that the rising rates could draw capital away from the stock market. It can also means that borrowing is getting more expensive.
Falling yields suggest that corporate borrowing rates will also decline, making it easier for companies to borrow and expand, thus giving equities a boost.
All U.S. Treasury securities are regarded as relatively risk free—since they’re backed by the full faith and credit of the United States government, which has never defaulted on its debts. When investors get worried about the economy and market risk, they look for safe investments that preserve capital, and Treasuries are among the safest investments globally.
Hurricane conditions are expected along the west coast of Florida within the Hurricane Warning area on Wednesday morning, with tropical storm conditions possibly beginning by late today, according to the National Weather Center (NWC).
Tropical storm conditions are expected in the Tropical Storm Warning area along the southwest coast of the Florida peninsula by this evening, and along the west coast north of the Tampa Bay area and along portions of the east coast of Florida on Wednesday.
Hurricane conditions are possible in the watch area beginning on Wednesday.
Tropical storm conditions are possible in southeastern Florida in the Tropical Storm Watch area beginning this evening. Tropical storm conditions are expected in the Tropical Storm Warning area on the east coast of Florida beginning early Wednesday, spreading up to Georgia and South Carolina on Thursday. Tropical storm conditions are possible in the Tropical Storm Watch area in the Florida Big Bend area on Wednesday into early Thursday.
Residents in the Hurricane and Storm Surge Warning areas should rush all preparations to completion and follow the advice and evacuation orders of local officials, states the National Weather Center.
Life-threatening storm surge – one of many expected hazards with Hurricane Ian – along the west coast of Florida has prompted evacuation orders for some communities. Ken Graham, Director, National Weather Service, urges those residents to heed directions from officials!
Residents safety is at the heart of these tough decisions.
STORM SURGE: The combination of storm surge and the tide will cause normally dry areas near the coast to be flooded by rising waters moving inland from the shoreline. The water could reach significant heights above ground if the peak surge occurs at the time of high tide.
“A margin of safety is achieved when securities are purchased at prices sufficiently below underlying value to allow for human error, bad luck, or extreme volatility in a complex, unpredictable and rapidly changing world.” ~ Seth Klarman
Margin of safety is one of the most essential principles of investing*. For investors to remove the uncertainties and reduce the risk associated with investing in the stock market, they should buy a stock when it is trading, its market price, at a deep discount to their estimate of intrinsic value.
Margin of Safety helps ensure that any uncertainties were factored into the purchase price. No matter how much time one spent evaluating investments, it is impossible to remove all of the uncertainties.
Billionaire investor Warren Buffett, CEO and Chairman, Berkshire Hathaway, compares margin of safety to driving across a bridge:
“If you understood a business perfectly and the future of the business, you would need very little in the way of a margin of safety.
So, the more vulnerable the business is, assuming you still want to invest in it, the larger margin of safety you’d need.
If you’re driving a truck across a bridge that says it holds 10,000 pounds and you’ve got a 9,800 pound vehicle, if the bridge is 6 inches above the crevice it covers, you may feel okay; but if it’s over the Grand Canyon, you may feel you want a little larger margin of safety.”
Companies with high profit margins, above average returns on invested capital, growing free cash flow and strong balance sheets have their own margins of safety, which might be worth considering when one is investing in businesses.
Ian strengthened into a hurricane early Monday morning, with maximum sustained winds of 75 mph.
Ian is expected to strengthen rapidly today, bringing significant wind and storm surge to the Gulf of Mexico and heading towards the Gulf Coast of Florida.
Exactly where Ian will make a Florida landfall remains uncertain, according to the National Hurricane Center.
A hurricane watch has been issued for the west coast of Florida from north of Englewood to the Anclote River, including Tampa Bay.
Life-threatening storm surge associated with Hurricane Ian is possible along the Florida west coast beginning late Tuesday. Residents in these areas should listen to advice from local officials. As forecasts may evolve, visit https://t.co/0BMJEA5Wz0 for the latest on #Ian. pic.twitter.com/idIpTbKTYN
Residents in Florida, as well as Alabama, Georgia, and the Carolinas, should be on alert and making preparations today. If you are told to evacuate, do so.
#Ian is expected to rapidly strengthen into a major hurricane as it moves past Cuba into the eastern Gulf of Mexico.
Residents in Florida, as well as Alabama, Georgia, and the Carolinas, should be on alert and making preparations TODAY. If you are told to evacuate, do so. pic.twitter.com/5ICmRi5JwX
“If I could avoid a single stock, it would be the hottest stock in the hottest industry, the one that gets the most favorable publicity, the one that every investor hears about in the car pool or on the commuter train—and succumbing to the social pressure, often buys.” Peter Lynch
Legendary American investor Peter Lynch shared five rules everyone can follow when investing in the stock market.
Within his 13-year tenure, Lynch drove the Fidelity Magellan Fund to a 2,800% gain – averaging a 29.2% annual return. It is the best 20-year return of any mutual fund in history. He is considered the greatest money manager of all time, and he beat the market for so long through buying the right stocks.
No one can promise you Lynch’s record, but you can learn a lot from him, and you don’t need a billion-dollar portfolio to follow his rules.
Lynch’s five rules for any investor in the stock market are listed below.
1. Know what you own
The most important rule for Lynch is that investors should know and understand the company they own.
“I’m amazed at how many people that own stocks can’t tell you, in a minute or less, why they own that particular stock,” said Lynch.
Investors need to understand the company’s operations and what they offer well enough to explain it to a 10-year-old in two minutes or less. If you can’t, you will never make money.
Lynch believes that If the company is too complicated to understand and how it adds value, then don’t buy it. “I made 10 to 15 times my money in Dunkin Donuts because I could understand it,” he said.
2. Don’t invest purely on other’s opinions
People do research in all aspects of their lives, but for some reason, they fail to do the same when deciding on what stock to buy.
People research the best car to buy, look at reviews and compare specs when buying electronics, and get travel guides when travelling to new places – But they don’t do the same due diligence when buying a stock.
“So many investors get a tip on a stock travelling on the bus, and they’ll put half of their life savings in it before sunset, and they wonder why they lose money in the stock market,” Lynch said.
He added that investors should never just buy a stock because someone says it is a great buy. Do your research.
3. Focus on the company behind the stock
There is a method to the stock market, and the company behind the stock will determine where that stock goes.
“Stocks aren’t lottery tickets, there’s no luck involved. There’s a company behind every stock; if a company does well, the stock will do well – It’s not complicated,” Lynch said.
He advises that investors look at companies that have good growth prospects and is trading at a reasonable price using financial data such as:
• Balance Sheet – No story is complete without a balance sheet check. The balance sheet will tell you about the company’s financial structure, how much debt and cash it has, and how much equity its shareholders have. A company with a lot of cash is great, as it can buy more stock, make acquisitions or pay off its debt.
Year-by-year earnings growth
Price-to-earnings ratio (P/E) – relative to historical and industry averages.
Debt-equity ratio
Dividends and payout ratios
Price-to-free cash flow ratio
Return on invested capital
4. Don’t try to predict the market
Trying to time the market is a losing battle. One thing to keep in mind is that you aren’t going to invest at the bottom. Buy stocks because you want to own the business long-term, even if the share price decreases slightly after you buy.
Instead of trying to time the bottom and throwing all your money in at once, a better strategy is gradually building your stock positions over time.
This approach spreads out your investments and allows you to buy into the market at different times at varying prices that ideally balance each other out versus investing one lump sum all at once.
This way, if you’re wrong and the stock continues to fall, you’ll be able to take advantage of the new lower prices without missing out.
“Trying to time or predict the stock market is a total waste of time because no one can do it,” Lynch said.
Corollary: Buy with a Margin of Safety: No matter how careful an investor is in valuing a company, she can never eliminate the risk of being wrong. Margin of Safety is a tool for minimizing the odds of error in an investor’s favor. Margin of Safety means never overpaying for a stock, however attractive the investment opportunity may seem. It means purchasing a company at a market price 30% or more below its intrinsic value.
5. Market crashes are great opportunities
Knowing the stock market’s history is a must if you want to be successful.
What you learn from history is that the market goes down, and it goes down a lot. In 93 years, the market has had 50 declines; once every two years, the market declines by 10%. of those 50 declines, 15 have declined by 25% or more – otherwise known as a bear market – roughly every six years.
“All you need to know is that the market is going to go down sometimes, and it’s good when it happens,” Lynch said.
“For example, if you like a stock at $14 and it drops to $6 per share, that’s great. If you understand a company, look at its balance sheet, and it’s doing well, and you’re hoping to get to $22 a share with it, $14 to $22 is terrific, but $6 to $22 is exceptional,” he added.
Declines in the stock market will always happen, and you can take advantage of them if you understand the company and know what you own.
Discounted cash flow model can be used for financial valuation of a project, company, stock, bond or any income producing asset.
Discounted cash flow is a financial valuation method that calculates the value of an investment based on the present value of its future income or cash flow. The method helps to evaluate the attractiveness of an investment opportunity based on its projected future cash flows.
Free Cash flow to the firm (FCFF) means the amount of surplus cash flow available to a business after a it pays its operational expenses like inventory, rent, salaries etc. and also invests in fixed assets like plant and machinery, property etc. Cash is an important element of business. It is required for business functioning; some investors provide more value to cash flow statements than other financial statements.
Free cash flow is important metric as it tells about the company’s ability to deploy capital in future projects. Without cash, it’s tough to develop new products, make acquisitions, pay dividends, buyback shares and reduce debt. Also, as cash is difficult to manipulate compared to other variables, FCFF is more reliable indicator of a company’s performance than net earnings.
DCF model can be used for valuation of a project, company, stock, bond or any income producing asset. The DCF method can be used for the companies which have positive Free cash flows and these FCFF can be reasonably forecasted. So, it cannot be used for new and small companies or industries which have greater exposure to seasonal or economic cycles.
To use the Discounted Cash Flow Model to Value Stock:
Step 1 : Calculate the Free Cash flow to the firm
Step 2 : Project the future FCFF – You need to project the future FCFF for the next couple of years. You can analyze the historical data to understand the past FCFF growth trend. However, relying on historical data only won’t give you the right result, so consider the present financials as well as future potential of the company while projecting the growth rate. When conducting a DCF analysis, investors and businesses must make estimations for future cash flows and the future value of the investment. For instance, a company considering a new business acquisition must estimate the future cash flows from expanding its processes and operations with the acquisition. The estimates the company makes can help determine if the investment is worth the cost of the acquisition.
Step 3 : Discount the FCFF — Calculate the present value of this cash flow by adjusting it with the discount rate. Discount rate is your expected return %. The discount rate is one of the most important elements of the DCF formula. Businesses need to identify an appropriate value for the discount rate if they are unable to rely on a weighted average cost of capital. Additionally, the discount rate can vary depending on a range of factors like an organization’s risk profile and the current conditions of capital markets. If you are unable to determine a discount rate or rely on a WACC value, an alternative model may be more beneficial and accurate.
Step 4 : Calculate the Terminal Value — It is the value of the business projected beyond the forecasting period. It is calculated by assuming the constant growth of a company beyond a certain period known as terminal rate.
When valuing a business, the annual forecasted cash flows typically used are 5 years into the future, at which point a terminal value is used. The reason is that it becomes hard to make reliable estimates of how a business will perform that far out into the future. There are two common methods of calculating the terminal value:
Exit multiple (where the business is assumed to be sold)
Perpetual growth (where the business is assumed to grow at a reasonable, fixed growth rate forever)
Step 5 : Add discounted FCFF with Terminal value and adjust the total cash and debt.
Step 6 : Divide the Figure calculated in Step 5 by the outstanding number of shares to find out the DCF Value.
Step 7 : Adjust the Margin of Safety to find out the Fair value. Margin of Safety provides discount for uncertainties in the business.
When assessing a potential investment, it’s important to take into account the time value of money or the required rate of return that you expect to receive.
The DCF formula takes into account how much return you expect to earn, and the resulting value is how much you would be willing to pay for something to receive exactly that rate of return.
If you pay less than the DCF value, your rate of return will be higher than the discount rate.
If you pay more than the DCF value, your rate of return will be lower than the discount.
The DCF formula is used to determine the value of a business or a security. It represents the value an investor would be willing to pay for an investment, given a required rate of return on their investment (the discount rate).
When using the DCF analysis, determine the discount rate and have estimates for future cash flows. Apply these values in the DCF formula to create a future outline that details expected returns. If the results appear at or above a company’s initial projections for future cash flows, then investing can be beneficial. However, if the discounted cash flow formula results in a value below a company’s projected future returns, it may consider alternative investments.
Existing home sales have declined for seven straight months as the rising cost to borrow money puts homes out of reach for more people.
Many potential homebuyers are opting out of the housing market as the higher 30-year mortgage interest rates add hundreds of dollars to monthly mortgage payments. On the opposite side of the transaction, many homeowners are reluctant to sell as they are likely locked into a much lower rate than they’d get on their next home mortgage.
Rapidly rising 30-year mortgage interest rates threaten to sideline even more prospective homebuyers. Last year, prospective homebuyers were looking at 30-year mortgage rates well below 3% APR.
Mortgage buyer Freddie Mac reported that the 30-year rate climbed to 6.29%. That’s the highest it’s been since August 2007, a year before a crash in the housing market triggered the Great Recession.
“The rising mortgage rate has clearly hampered the housing market,” said Lawrence Yun, chief economist. “The housing sector is the most sensitive to and experiences the most immediate impacts from the Federal Reserve’s interest rate policy changes.”
Sales of existing homes fell 19.9% year-over-year from August last year, and are now at the slowest annual pace since May 2020, near the start of the pandemic, according to NAR.
The national median home price jumped 7.7% in August from a year earlier to $389,500. As the housing market has cooled, home prices have been rising at a more moderate pace after surging annually by around 20% earlier this year. Before the pandemic, the median home price was rising about 5% a year.
The August home sales report is the latest evidence that the housing market, a key driver of economic growth, is slowing from its breakneck pace in recent years as homebuyers grapple with the highest mortgage rates in more than a decade, as well as inflation that is hovering near a four-decade high.
Higher home prices and mortgage rates have pushed mortgage payments on a typical home from $897 to $1,643 a month, an 83% increase over the past three years, according to an analysis by real estate information company Zillow.
Some 85% of US homeowners with a mortgage now have an interest rate well below 6%, according to Redfin. The disparity gives less incentive to these homeowners to sell and buy another home, because taking on a higher mortgage rate would mean paying more over the life of the loan and also as bigger monthly payment.
By raising federal funds borrowing interest rates, the Federal Reserve makes it costlier to take out a mortgage loan. Consumers then presumably borrow and spend less, cooling the economy and slowing inflation*.
Mortgage rates don’t necessarily mirror the Fed’s interest rate increases, but tend to track the yield on the 10-year Treasury note. That’s influenced by a variety of factors, including investors’ expectations for future inflation and global demand for US Treasurys.
*August’s CPI data showed that inflation is not slowing as expected and required the 75-basis point interest increase from the Federal Reserve. In addition, jobless claims showed a persistently tight labor market, which could drive up costs of goods and services as wages increase.
“I never ask if the market is going to go up or down because I don’t know, and besides it doesn’t matter. I search nation after nation for stocks, asking: ‘Where is the one that is lowest-priced in relation to what I believe it’s worth?’ Forty years of experience have taught me you can make money without ever knowing which way the market is going.” ~ John Templeton
Sir John Templeton’s “16 rules for investment success” remain relevant in today’s volatile economic environment as they have for several decades.
Sir John Templeton was an investor and mutual fund pioneer who became a billionaire by pioneering the use of globally diversified mutual funds. He is known for searching far and wide for investments across countries and not restricting investments to UK or USA.
One of Templeton’s most noteworthy examples of investment success occurred when he bought stocks in 1939.
During the opening weeks of World War II and in response to the stock market crashing, Templeton bought 100 shares in stocks which were selling for $1 or less. Four out of the 104 companies in which he invested turned out worthless while he realized significant returns on the other companies.
Invest for maximum total real return. Templeton advises investors to be aware of how taxes and inflation erode returns and to avoid putting too much into fixed-income securities, which often fail to retain the purchasing power of the dollars spent to obtain them.
Invest – don’t trade or speculate. Templeton warns that over-action and too much trading can eat into potential profits and eventually results in steady losses.
Remain flexible and open-minded about types of investment. No one investment vehicle, whether it’s bonds, stocks, or futures, works best all the time. That being said, Templeton notes that the S&P 500 has “outperformed inflation, Treasury bills, and corporate bonds in every decade except the ’70s.”
Buy low. While this advice might seem obvious, it often means that you’ll have to go against the crowd. When equities are popular and in demand, their prices are generally higher. Opportunities to buy low usually only come when when people are pessimistic about the market’s performance.
When buying stocks, search for bargains among quality stocks. Templeton advocates identifying sales leaders, technological leaders, and trusted brands when selecting stocks to ensure a company is well-positioned and well-rounded before purchasing its stock.
Buy value, not market trends or the economic outlook. Templeton emphasizes that individual stocks determine the market and not the other way around. The market can disconnect with economic reality.
Diversify. In stocks and bonds, as in much else, there is safety in numbers. There are several advantages to portfolio diversification: you’re less likely to endure a major loss due to a freak event that devastates one company, and you also have a larger selection of investment vehicles from which to choose.
Do your homework or hire wise experts to help you. Sir John insists that you must be aware of what you’re buying. In the case of stocks, you are either buying earnings (if you expect growth) or assets (if you expect an acquisition).
Aggressively monitor your investments. Templeton notes that “there are no stocks that you can buy and forget.” Markets are in a state of perpetual flux, and change instantaneously. If you’re not aware of the changes, you’re probably losing money.
Don’t panic. Even if everyone around you is selling, sometimes the best idea is to take a breath and hold on to your portfolio. In the event of a sell-off, only divest if you have identified more attractive stocks to pick up.
Learn from your mistakes. The stock market is a lot like university: it can cost a lot of money to learn a few lessons. So don’t make the same mistakes twice. Learn from them, and they’ll turn into profit-making opportunities the next time.
Begin with a prayer. Templeton believes this helps a person clear his or her mind and make fewer errors during a trading session or in stock selection.
Outperforming the market is a difficult task. This rules, in effect, is a reality check. The largest hedge funds produce some extremely volatile returns from year to year, and some have produced negative returns. And those are the experts!
An investor who has all the answers doesn’t even understand all the questions. “Pride comes before the fall.” Likewise, overconfidence or certainty in one’s investment style or knowledge of the market will inevitably end in failure.
There’s no free lunch. Never invest on sentiment, on a tip, or on an IPO just to ‘save’ commission.
Do not be fearful or negative too often. While there have been plenty of bumps along the road, Templeton acknowledges that for “100 years optimists have carried the day in U.S. stocks.” In his opinion, globalization is bullish for equities, and he thinks stocks will continue to “go up…and up…and up.”
His lessons are the end result of a lifetime of knowledge, and include advice on stock selection, going against market sentiment, keeping your cool, and putting investing in perspective.
