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Five Things You Need to Know: The Market Ahead, Valuation Tools, Alive and Kicking, Dividends Rule!, Get Global

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Say hello to the rest of the world.

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Editor's Note: While we congregate in Vail for Minyans in The Mountains 3, we asked each Professor to prepare some thoughts on fiscal literacy, how to listen to the market and their area of expertise.

While in the process of writing a book that should be in the bookstores sometime 2007 the following things come to mind about investing in the market ahead of us.

1) The market ahead of us is likely to be a range bound one, similar to the 1966-1982.

2) Relative valuation tools will require a substantial recalibration. The absolute valuation tools should have a veto power over the relative valuation ones.

3) Buy and hold is dead! Buy and sell is very much alive and kicking.

4) Dividends rule! – Higher dividend yielding stocks should become a more predominant portion of one's portfolio.

5) Say hello to the rest of the world. International stocks should occupy a large portion of an investor's portfolio.

Random Thoughts

  • I am a long-term investor. This doesn't mean that I'll buy a stock and forget to sell it, which is stock collecting.

  • Long-term investing is more of a reflection of my attitude towards investing than a time horizon.

  • I approach company analysis as a business owner would analyze a business he was about to buy.

  • I am not afraid of being contrarian, but a contrarian is not an investor who has brevity and stupidity to step in front of the train, but the investor who is willing and able to think independently of the crowd.

  • I am willing to think independently.
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

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