A Path of Faulty Logic Leading to Foreign Stocks
November 1, 1995Money managers have been tripping over each other during the 1990s to offer American investors a chance to invest abroad. One after another, managers have rolled out foreign stock mutual funds or other vehicles to channel your cash overseas. They have been aided and abetted by advisers who told clients that non-U.S. companies offered better diversification and higher potential returns. Oops. When you really think about it, the stampede to …
The Economic Case Against Tobacco Stocks
February 1, 1995Can a business survive by poisoning its customers? Assuming that it can, might it be a good investment? This is the issue confronting the tobacco company investor. An amazing number of intelligent people treat tobacco stocks as ordinary investment vehicles, to be traded based on the usual criteria of earnings, dividends, market prospects, etc. I believe our grandchildren will regard this approach the way we view 1920s investors who took …
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