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Sensible Investing
| Article
# : |
18317 |
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Section : |
LIFE
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| Issue
Date : |
10 / 1990 |
2,186 Words |
| Author
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Edward H. Raymond
Edward H. Raymond is a vice president of Kidder, Peabody &
Company in Boston. |
Whither the stock market? I wish I knew. On July 13, the Dow-Jones Industrial Average cracked the 3,000 mark, a historical milestone once thought unreachable. "Experts" are divided on its future course, both short-and long-term. Some expect it to continue to soar, while others are convinced the Dow is about to be dumped on its Jones.
You will read this article some time in late September or October, and I wouldn't dream of guessing where it will be then. I've learned in my twenty-five years in the investment business that such predictions are usually meaningless. I'm certainly not able to predict the Dow-Jones or any other average.
It is my business, though, to find individual stocks that will be worthwhile investments for the long pull. Sometimes my choices follow the market; at other times they don't. Some of them appear frequently on other brokers' buy lists; others, rarely if ever.
I have developed a concept that I call the "core holding list" approach. In my experience, this approach has proved far more likely to succeed in the long run than such currently fashionable strategies as short-term trading, anticipating corporate turn-arounds, trying to pick the newest high-tech phenom, or jumping in on highly leveraged buyouts. To me these techniques involve far too much risk, and the returns they provide are at best inconsistent.
My technique works well for the patient investor, and I would like to explain it to you.
The "Core"
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