I think in terms of the experience of the last two years, the key takeaway is to stick to quality. In the midst of all the crosscurrents or the macro themes, picking good stocks still pays.
The analogy I use is the early 1990s, which was the last time we had a real estate and financial bubble that burst. It took us four years before we started really growing. Our position is that it's going to take a similar amount of time—or even longer—to work our way out of this mess. It takes time for individuals to rebuild their balance sheets. While it's a civic virtue one by one, it's a public curse when we all save at the same time.
Back in the early 1990s, the stable quality companies outperformed. It was the quality growth era, and I think it may hold lessons for today. Boring is back. Stick to quality!
https://guidance.fidelity.com/viewpoints/5-experts-september-2010
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