I once wrote that “it’s always been expensive” is one of the most dangerous phrases in the English language for investors. I cautioned readers to be weary of those who suggest that a stock can perpetually trade at a level that it is not reflective of its underlying earnings and assets. While stocks like Loblaw...
Yearly Archives: 2010
Identifying a Bubble
Bubbles are always obvious in retrospect. There has been an entire industry created around writing books about how obvious it was in 1999 that we were in a stock market bubble. It is informative to note that the number these books published after the crash greatly outnumber those written during the run-up. Those who through...
