In addition, Pat thinks then beginner investors should cultivate two important qualities: a healthy sense of skepticism and patience.
Investors should approach all investments with a healthy sense of skepticism. This can help keep you out of fraudulent stocks that masquerade as high-quality stocks. It will also keep you out of legally operated, but poorly managed, companies that promise more than they can possibly deliver.
If you are a new investor, you should also realize that losing patience can cause you to sell your best choices right before a big rise. All too often, investors buy a promising stock just as it enters a period of price stagnation. Even the best-performing stocks run into these unpredictable phases from time to time. They move mainly sideways in a wide range for months or years before their next big rise begins. (Stock brokers often refer to these stocks as “dead money.”)
If you lack patience, you run a big risk of selling your best choices in the midst of one of these phases, prior to the next big move upward. If you lose patience and sell, you are particularly likely to do so in the low end of the trading range, when stock prices have weakened and confidence in the stock has waned.
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In its fiscal 2015 third quarter, which ended July 31, 2015, the bank earned $1.85 billion, up 2.8% from $1.80 billion a year earlier. Earnings per share rose 3.6%, to $1.45 from $1.40, on fewer shares outstanding.
Revenue fell 5.6%, to $6.1 billion from $6.5 billion, but that was mainly because Bank of Nova Scotia sold most of its shares in mutual fund provider CI Financial (Toronto symbol CIX) in 2014. Earnings at the Canadian banking division (49% of the total) rose 14.9% on improving loan and deposit growth. The international business (30%) saw its earnings rise 10.5%, thanks to strong loan demand in Latin America and favourable currency rates.
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