What is Pat’s commentary for the week of April 26, 2022
Article Excerpt
Last week we published Part One of the text of the most-recent letter I sent to our Portfolio Management clients, in February this year.
Part Two appears below. It covers the hidden risks in the so-called “alternative investments” that have come on the market in recent years. It also includes a “Don’t Buy List for 2022”, and a “Market outlook for 2022 and the rest of the decade.”
The third and final segment will appear soon.
Pat
Part Two:
Keep an eye out for non sequiturs
The stock market has basically been rising—with temporary setbacks, as always—since March 2009. Interest rates have stayed low and P/E ratios (the ratio of stock prices to per-share earnings) are high. The stock market’s continuing rise in the past decade or more seems abnormal to a lot of people. All this helped spur predictions of a long-overdue stock-market collapse.
The problem with these predictions is that stock-market trends don’t have fixed lifespans, any more than businesses, political parties, or human beings…
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