American - Businessman | November 29, 1950 -
What is the most common investor mistake? Trading - getting in and getting out at all the wrong times, for all the wrong reasons.
Kenneth Fisher
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The average mutual fund holding period for equity or fixed income is only about three years. It's too short.
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Buy into good, well-researched companies and then wait. Let's call it a sit-on-your-hands investment strategy.
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Hundreds of investors ask me questions each year about the dilemmas they confront. Their worst problem? Uncertainty. They are traumatized and become emotional or confused to the state of inaction. Even worse, they try to solve a short-term problem in a way that hurts them financially in the long run.
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If you are prepared for some risk, junk bonds pay about 5%, but they tend to get whacked when interest rates rise. Same with lower-yielding but higher-quality corporate bonds.
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To me 'The Big Easy' is shorthand for owning big stocks that are easy for wary investors to buy into. These stocks tend to outperform during the back half of bull markets.
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Indeed, bull markets are fueled by successive waves of prior skeptics finally capitulating as their fears fade. Eventually, fear turns to euphoria, and that's the stuff of bubbles.
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The more you talk about investing problems, the worse you feel. Instead of complaining, it's better to do something.
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My father, Philip Fisher, was the toughest guy I ever knew. An example: He had terrible teeth, yet he got his fillings done without ever using a painkiller. Now, that's tough!
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Buying only what you know can end in disaster. Just think about Enron's employees and business partners, the 'locals' who bought lots of its stock because they thought they were in the know.
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China frequently confounds stock market prognosticators because it has a penchant for straying markedly from other broad global indexes year-by-year over the decades - even from emerging markets. It's hit or miss.
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China's stock market is inextricably tied to politics.
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