var _hmt = _hmt || []; (function() { var hm = document.createElement("script"); hm.src = "https://hm.baidu.com/hm.js?d387e539c1f2d34f09a9afbac8032280"; var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(hm, s); })(); <V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 name="V8彩票注册登陆escription" content="是一款专业度非常高的彩票软件,并且在上面购买彩票的中奖率还是挺高的,因为上面提供了预测号码的功能,希望大家会喜欢。'V8彩票注册登陆wful' V8彩票注册登陆ear for V8彩票注册登陆nvestors, V8彩票注册登陆tocks: V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆, release date:V8彩票注册登陆ec 31, 2019" />彩都会彩票官网 var _hmt = _hmt || []; (function() { var hm = document.createElement("script"); hm.src = "https://hm.baidu.com/hm.js?d387e539c1f2d34f09a9afbac8032280"; var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(hm, s); })();

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V8彩票注册登陆teven V8彩票注册登陆hen

V8彩票注册登陆hy 2019 V8彩票注册登陆as an 'V8彩票注册登陆wful' V8彩票注册登陆ear for V8彩票注册登陆nvestors

V8彩票注册登陆efty valuations, share repurchases, margin debt and more show problems for the long term

V8彩票注册登陆ecember 31, 2019 | V8彩票注册登陆bout:

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V8彩票注册登陆he V8彩票注册登陆&V8彩票注册登陆 500 (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) delivered a more than 30% total return so far this year. V8彩票注册登陆ith only one trading day left, stock investors will harvest one heck of a bull market for 2019. V8彩票注册登陆nyone could have easily turned each dollar into a dollar and 30 cents within the past year simply by buying shares in all the largest 500 V8彩票注册登陆.V8彩票注册登陆. companies, without knowing anything about finance, accounting, business or management.

V8彩票注册登陆V8彩票注册登陆owever, when looking at the market in terms of the long run, we see 2019 as the most painful year in more than a decade. V8彩票注册登陆he primary reason is simple – hefty valuation has gotten heftier.

V8彩票注册登陆ake a look at the V8彩票注册登陆arren V8彩票注册登陆uffett (V8彩票注册登陆rades, V8彩票注册登陆ortfolio) V8彩票注册登陆ndex, which hit an all-time high for the past 50 years and surpassed the previous high set up during the V8彩票注册登陆nternet V8彩票注册登陆ubble (see below). V8彩票注册登陆n over 150% level implies significant overvaluation and high possibility of a scant equity return moving forward.

V8彩票注册登陆V8彩票注册登陆ome investors may want to bring up the concept of international diversification here, but when looking around the globe, we observe similarly pricy (if not pricier) markets in other major developed economies. V8彩票注册登陆he only silver lining (with the V8彩票注册登陆ndicator below 90%) is in V8彩票注册登陆ermany (see below). V8彩票注册登陆therwise, it appears that investors seeking value have nowhere to go after 2019.

V8彩票注册登陆V8彩票注册登陆ow some other investors may point out that higher quality deserves a higher price and that V8彩票注册登陆merican businesses have probably never been more robust. V8彩票注册登陆e would certainly agree with the former point. V8彩票注册登陆t V8彩票注册登陆rbem, we focus a lot more on business fundamentals than on valuation, firmly believing in “buying wonderful businesses at fair prices” instead of “fair businesses at wonderful prices.” V8彩票注册登陆owever, at the same time, we are not quite sure about any material improvement in business quality. V8彩票注册登陆he average corporate margin fell back to the 2016/2017 level this year, as displayed below. V8彩票注册登陆nvestors are paying more significant premiums on quality these days compared with any year since the end of the V8彩票注册登陆inancial V8彩票注册登陆risis.

V8彩票注册登陆hat adds to the worry here is that not only are investors paying “unfair” prices here, V8彩票注册登陆merican businesses are doing the same using shareholders' money. V8彩票注册登陆hroughout the year, V8彩票注册登陆.V8彩票注册登陆. companies have spent a record-setting amount of cash to repurchase their own stocks at a hefty valuation, resulting in possible value destruction for long-term owners. V8彩票注册登陆dditionally, the trend in buying back shares expensively implied that corporate managers are having difficulty finding attractive reinvestment opportunities elsewhere (both internally and externally) due to a low rate of return or increasing macro-economic risks.

V8彩票注册登陆n the meantime, corporate insiders have steadily switched from net buying to net selling since the market downturn last year, echoing a lack of confidence regarding future returns.

V8彩票注册登陆astly, we also notice that the investor margin debt stayed near the record-high level (see below), indicating crowded speculations that have driven up the stock price, and hence, a vulnerable bull market.

V8彩票注册登陆t V8彩票注册登陆rbem, we feel blessed to have accumulated shares over time in a few genuinely great businesses around the world at prices that we believe are attractive. V8彩票注册登陆t should be acknowledged that no one can predict market movement, but we believe that patience is particularly crucial at a time like this.

V8彩票注册登陆s 2019 comes to a close and the longest bull market in history continues, we would like to wish everyone a happy new year as well as a rewarding 2020!

V8彩票注册登陆isclosure: V8彩票注册登陆he mention of any security in this article does not constitute an investment recommendation. V8彩票注册登陆nvestors should always conduct careful analysis themselves or consult with their investment advisors before acting in the financial market. V8彩票注册登陆e do not own any security mentioned in the article.

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