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...And I’m not saying they don’t use their brains, but they do just take an index and track the thing, right? And this is growing at a rate of knots. It basically dominates the investment industry....
...They don’t pay dividends but they’ve changed the world. What’s the deal? Some of that I’m not going to challenge. But some of that I will challenge....
...I don’t think that’s a good trade.” Rivals such as P&G and Colgate-Palmolive didn’t pull out: “Why the hell should we? . . . We’re competing on the world stage with these products.”...
...The S&P 500 isn’t at such extremes today....
...Norton doesn’t dispute that US equity valuations are punchy, but adds: “That doesn’t mean they can’t get punchier.” Ultimately, it comes back to your investment timeframe and wider investment goals....
...I’m @ClaerB. Brand new Money Clinic episodes will be coming soon, and if you can’t wait until then, have a browse through our back catalogue where you can find hundreds of episodes....
...This made me feel very glad I’m not a chief executive. All of us are vulnerable to employer whims....
...But valuation shifts don’t go on forever....
...I’m not sure what to think about this....
...He said, “Don’t worry, Kid. This’ll reverse itself. This is unreal and not to be sustained. This will reverse itself.” Well, I’m still waiting....
...I’m selling it. I am not cycling anymore. But I’ve done this for like 15 years. And then I took like, I don’t know, three months out and I just can’t hack it. I need my bike....
...My UK online broker offers me a couple of S&P 500 funds and a FTSE 100 one. I think I’ll pass, however — and here is my logic....
...Likewise if we want to make a relative call, say against a S&P 500 fund....
...I’m panicked, Katie. I’m having a panic attack. Katie MartinAre you gonna dress as the S&P 500 when you go trick or treating this evening?...
...Seems to me, therefore, that unless I can beat the S&P 500 — in sterling to match my liabilities — I shouldn’t bother. The author is a former portfolio manager....
...Robert ArmstrongYou know what I’m glad about, Ethan? I’m glad Katie Martin isn’t here because I don’t think she’d be able....
...The problem with the P/E and other metrics is they don’t bring in growth and the rest of the components of value....
...I don’t see much of this right now. Stocks with low P/E ratios relative to their expected growth rates are rare....
...So I think I’m a great S&P 500 tracker fund guy....
...“You need a little greed, you need some of those animal spirits, maybe a pick-up in M&A [mergers and acquisitions] or a booming IPO market, for small-caps to really take off,” he added....
...Which is why I’m sceptical much change happens....
...Ethan WuBut I don’t think I’m gonna be nearly as productive today as you have been recently, Katie, poring through tomes on the history of dividends, financial markets. I mean, what exciting stuff....
...I’m not making predictions....
...The S&P 500, investment grade spread, high yield spread, loan spread, the level of rates, home prices, crypto, M&A activity, IPO activity; everything improved after the Fed signaled that rates are going...
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