By Michael Sincere
Advice: learn Michael Sincere's most recent e-book: All approximately industry symptoms (McGraw-Hill, 2011), or realizing shares (McGraw-Hill, 2003).
Read or Download 101 Investment Lessons from the Wizards of Wall Street: The Pros' Secrets for Running With the Bulls Without Losing Your Shirt PDF
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Extra info for 101 Investment Lessons from the Wizards of Wall Street: The Pros' Secrets for Running With the Bulls Without Losing Your Shirt
We happen to have a remarkable free enterprise system that other countries don't have. " While he concedes that stock valuations are sometimes ridiculously high, Berger says there is nothing to stop prices from getting even more ridiculous. "Charles MacKay, who wrote years ago on the delusions and madness of crowds, tells about the tulip panic in 17th-century Holland and the South Sea panic in 18th-century England. ) Human nature has not changed much since then," he says. "Bull markets end not because somebody rings a bell, but because the last buyer has bought.
These publications are a bit expensive for individual investors but can be read for free at any public library. If you want specific guidance, there are hundreds of newsletters that do everything from predicting the direction of the market to advising you on which stocks to buy or sell. You can find the names of the most popular financial newsletters by logging on to the Internet. You can always get a sample copy of any newsletter for free. In addition to looking for newsletters, the Internet contains thousands of free resources for investors.
On the other hand, some pros, especially momentum investors, aren't concerned with excessively high P/E ratios, as long as the P/E is lower than the projected earnings growth. For example, you look up your favorite technology stock and the P/E is 50, which is pretty high compared to other industries. However, if the company is expected to grow by 60 percent a year, a stock with a P/E of 50 could be a bargain. Paul McManus, senior vice president and portfolio manager of the John Hancock Independence Equity fund, says that high P/E stocks are not necessarily bad.
101 Investment Lessons from the Wizards of Wall Street: The Pros' Secrets for Running With the Bulls Without Losing Your Shirt by Michael Sincere