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BELIEVING MR. MARKET – HAPPY DAYS ARE HERE TO STAY

“Mr. Market” is the idea that Benjamin Graham presented in his classic book The Intelligent Investor. The idea is that Mr. Market is a hypothetical investor who is driven by emotion. Right now it seems to me that Mr. Market is fat and happy after several years of success. That has left him very comfortable.

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MAN OF LA MANCHA
(Dream the Impossible Dream)

In early 2000, tech (along with media and telecom) stocks could do no wrong. They were one decision stocks that took the whole market up with them… until they didn’t as 2000 continued. Reality has a nasty habit of intervening.

Now, once again tech is the safety blanket of choice. Financials and industrials not working out like you hoped? That’s OK, tech will never hurt you. At least not the biggest ones… mostly.

One trend I’ve noticed is that the tech stocks seem to do great as long as…

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A DISTANT MIRROR

How do we use and learn from stock market history? Why are our portfolios positioned the way they are – tilted toward safe stocks and away from high growth technology and the like?

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