From WSJopinion: Cheap stocks can always get cheaper, writes andykessler. Buy the dip, right? Be careful—the biggest mistake is looking backward, not forward.
Journal Editorial Report: Paul Gigot interviews Rep. Kevin Brady on the politics of inflation. Image: Kevin Lamarque/ReutersAre stocks cheap yet? When I was a young Wall Street analyst visiting institutional investors in Boston, I sat in a money manager’s office noting his framed prints of horseback riders in red jackets on a fox hunt. He asked me what I thought about a particular tech stock. I walked him through my forecast for the company and said the stock was a buy. “Why?” he asked.
Big mistake. He launched into a 10-minute tirade, screaming, “Who are you to know if a stock is cheap? Have you ever lived through a downturn?” He even told me my tie was too expensive before he threw me out of his office. Ah, the service business. But I never again said a stock was cheap and instead focused on fundamentals, emerging trends, expectations and market sentiment.
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