[tom-ek12333]

#gielda " I ran $15 billion at Fidelity Magellan and the single biggest lesson I can give you is this: the price you pay is the only thing that determines whether you make money or lose money over time. Everything else is noise.

I have seen people buy the greatest companies in the world—Coca-Cola, Disney, Gillette—at 50, 60, 70 times earnings because they were convinced the growth would never end. When the growth slowed even a little, the stocks got destroyed. Quality didn’t save them. The price killed them.

I have also bought companies that were absolute dogs—companies losing money, companies in dying industries, companies nobody wanted—and made 10 or 20 times my money because I paid so little that the only direction was up. The margin of safety was in the price, not the story.

There is no such thing as a good stock at any price. There is only a good price for a stock. Pay too much and you lose. Pay little enough and you can be wrong about almost everything and still win.

I made 29 times my money in La Quinta Inns, a company nobody ever heard of. I made 20 times in Philip Morris when it was the most hated stock in America. I did not need a crystal ball. I needed a low price.

That’s been true since 1920 and it will be true in 2120. The price you pay is the only margin of safety you ever get." - Peter Lynch

[tom-ek12333]

@tom-ek12333: odnośnie zlota:
https://www.zerohedge.com/markets/bis-warns-rare-double-bubble

“Gold has behaved very differently this year compared to its usual pattern. The interesting phenomenon this time has been that gold has become much more like a speculative asset.”

[mosze-steinbach]

@tom-ek12333 zerohedge? Rly? Xd

[Markowowski]

@tom-ek12333: to jest oczywiste. Jeśli spółka ma absurdalną wycenę, znacznie przewyższającą historyczne wartości, to przy earningsach nawet jedno zdanie z ust CEO powodujące wątpliwości wywoła zwałę (vide Broadcom parę dni temu). Z drugiej strony niedowartościowane spółki mogą wystrzelić nawet z powodu najmniejszego pozytywnego newsa. MSFT nie wrócił do swojej ceny z szczytu bańki dotcomowej przez 15 lat (jak się uwzględni dywidendy, to wyszło się na zero pewnie parę lat wcześniej),