By Geoff MacDonald, portfolio manager
Flashback
We’ve decided to bring back Mr. B in this commentary. If you’re not familiar with Mr. B, he was first introduced in our first quarter commentary in 2010. We’ve used Mr. B in the past to illustrate that most stock market participants don’t act like rational business owners. Mr. B has a refreshing view of the stock market and believes it exists to serve him.
At the time he was first introduced in 2010, the doom-and-gloom “bears” were all caught up in the macroeconomic noise and fear, missing out on something that a rational business owner could not ignore at that time: great businesses at stupidly attractive prices.
Oddly, these days, fear and worries about the stock market seem to be expressed through very high prices on a select basket of investments that supposedly offer some form of “certainty” for those who own them.
Read the rest of the article on the EdgePoint website >> Q3 EdgePoint Commentary
Download the file >> The Money Game
Comments are closed.