We've been liberated from the bear ever since October when Treasury yields and the U.S. dollar peaked, even as the chattering classes refuse to acknowledge the bull — let alone one of the most powerful ones I've ever seen. What matters in a real bull market, though, is the company and the sector it's in, not the S&P 500. In a bull market, you want to buy the stocks of companies that make things and do stuff at a profit — and sell at reasonable valuations as they return capital in the form of dividends or stock buybacks. Bull markets are not licenses to buy anything, as we have seen since the beginning of the year. This market is all about finding great stocks, not just merely good stocks. So, let me unpack what I see people doing wrong at this very moment, so we can learn from them and do it right. |
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