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Investment Advice in Four Words: Have Patience, Avoid Bubbles

Courtesy of Mish.

A relations manager for Ted Thomas reached out last week and asked: “What is your most valuable advice to people who are beginner investors so that they can get great results in the long term?”

The answer form had no formatting options. Here is a detailed response, with links.

Have Patience, Avoid Bubbles

The TINA theory (there is no alternative other than stocks and bonds) is a path to poor returns.

Cash and gold are indeed options. I discussed TINA in Median Price-to-Revenue Ratio Higher in All Deciles vs 2007, 90% vs Dot-Com Bubble: THE Choice

I recently discussed gold in How Much Gold Should the Common Man Own?

The latest prolonged rally proves that one cannot time when bubbles burst, but as with the dot-com bubble on 2000 and the housing bubble in 2007, all the excess gains of this bubble will eventually be given back.

Those investing in bubbles eventually become believers in them and will likely ride the bubble all the way down.

Those with adequate patience will eventually get an opportunity to buy shares near bear market lows.


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