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 In The Lonely Bull

Schools of fish dart one way then another for almost unknown reasons.  It may be a shadow or perhaps a real predator.  Investors sometimes act the same way.  Buying one day, selling the next; they respond to perhaps shadows or real threats.  At times the school is more skittish than ever; this is one of those times.  Many investors have made terrific profits over the past few years and want to be quick to protect them.

Investors are especially nervous when they don’t have a strong conviction as to the underlying value of their holdings.  Tangibles, like land are sometimes easier for individuals to have conviction as to value.  They would not even consider a sale until they are able to get what they consider is at least fair value.  Intangibles, like stocks, are more uncertain.  Unless you have experience and have done the work as to financial value, you are at a disadvantage to professionals like us who do the analysis.

This market still has value and solid work will yield good results.  Others’ fears are our opportunities.  The fears are mostly shadows and not real drivers of fundamental values. Stay steady, my friends.

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