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10 comments:
Hey Roger. Do you let your attitudes about personal responsibility affect your investment decisions? For instance, would you buy KO or PEP? I ask because I avoid tobacco stocks, even though I'd really love to collect those dividends.
Thanks.
i don't think an IM should let personal beliefs get in the way of investment decisions. who am i to prject those sorts of beliefs into someone's money?
i have owned KO in the past and would not hesitate if i thought it was the best staple stock now.
Not everyone is lucky enough to eat well and stay fit and still maintain good health. There comes a time when DNA kicks in and we get old. Different for different people depending on genetics, but it happens. ANd then health care is needed or we die. I guess what I am saying is I don't think it is as simple as you state. But then younger people are generally oblivious to their mortality. Wait till u pass 50.
yes i may view things differently past a certain age but you're saying people can't stop drinking soda and they can't go walk briskly for half an hour?
About Macquarrie--even though I understand you were using this only as an example, I'd like to probe a bit.
When I read El-Erian's book, suggesting a substantial stake in "infrastructure" (not companies that build infrastructure, as some think), I had to do some digging to find an infrastructure fund, and Macquarrie is pretty much it. I was happy with MGU and MFD with big yields, and I thought stable cash flows.
In light of the fact that US infrastructure funds like MTP are still doing pretty well, I wonder if you have any insight as to why the Macquarrie funds all crashed?
Thanks
not sure a CEF of pipeline stocks os the ideal proxy for infrastructure. Not knocking the fund just wondering about it as infrastrcuture.
BIP is an infra vehicle that has done ok given the market has cut in half.
The thing with the Macquarie funds that may have contributed to the problem is that there was a "trading" of assets between the funds. This may have contributed to results and thus been a source of success. that source then disappeared.
Roger,
Have to agree with AAlan about the dearth of infrastructure plays available. BIP is on my "watch list", and I own a couple of pipeline MLPs, considering them more as "infrastucture" plays than energy plays. It seems that for now, at least, one needs to "construct" their own infrastructure vehicle....maybe some pipelines...some engineering firms, etc. Imperfect, true, but at least close.
Jan
so maybe a grid building stock, maybe a cash flow stock like a port, toll road or airport, a stock that delivers service like certain utilities, what else?
I regret to inform you that it is economics itself that has falled.
All the so called "laws of the market" that you and others based your buy and hold recommendations on.
There is not point investing in anything other then cash, gold, and real estate until the new systems become evident.
The essence of the markets is this: you are either long,short or out. What you have stated about living simply applies to the market. No market...no worries. If you want to gamble go to Los Vegas. The face of securities has become the face of politics. Whom shall you trust? The concept of buy and hold is dead. It is now buy and hope. Corporations have piled on debt exactly like deadbeats piled debt to their credit cards. The credit worthlessness of corporations has been deteriorating for decades in pursuit of greed and is still declining.
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