Forúns >> Outros Temas
Ainda não se identificou no Fórum…       

kenneth fisherLeituras: 662
roberto silva [jose]
on 2013-30-03 02:53
[     ]
       

Log in with your social account:
Or, you can log in or sign up using Forbes.

* Forbes Forbes
* New Posts +3 posts this hour
* Most Popular Baseball's Richest Teams
* Lists Disruptors 2013
* Video Hip-Hop's Wealthiest
*

MARCH MADNESS SALE: Get 10 issues for only $8!
Help
|
Connect
|
Sign up
|
Log in
Ken Fisher

Ken Fisher, Contributor

28-year Forbes columnist, money manager and bestselling author.
Follow Following Unfollow
Forbes
|
3/27/2013 @ 10:00AM |13,945 views
Apple And 7 Other Sit-On-Your-Hands Stocks
This story appears in the April 15, 2013 issue of Forbes.
comments, called-out
Comment Now
Follow Comments Following Comments Unfollow Comments
Comment Now
Follow Comments Following Comments Unfollow Comments
Move up http://i.forbesimg.com t Move down
Get 2 Free Issues of Forbes
Current Issue

* Inside the Magazine
* Get 2 Free Issues of Forbes

Debunking 5 Common Investor Dilemmas Ken Fisher Ken Fisher Contributor
Why Size Matters In Stock Picking Ken Fisher Ken Fisher Contributor
Don't Be A Cud Chewer In 2013 Ken Fisher Ken Fisher Contributor
Why Job Growth Is Overrated Ken Fisher Ken Fisher Contributor

What is the most common investor mistake? Trading–getting in and getting out at all the wrong times, for all the wrong reasons. You’ve heard it before: Most investors are their own worst enemies. My dad taught me this investing axiom at an early age. In fact, Dalbar Inc. documented it recently in a report available online called “Quantitative Analysis of Investor Behavior, 2012.” Google it, and you’ll see evidence from a 20-year study.

Most mutual fund buyers, for example, badly lag the very funds they buy (and sell) because of bad timing. The average mutual fund holding period for equity or fixed income is only about three years. It’s too short. Moreover, in the last two decades, stupid switching into and out of funds has cost equity fund holders more than four percentage points in annualized returns and bondholders even more–nearly six percentage points.

The solution, of course, is to trade less. Buy into good, well-researched companies and then wait. Let’s call it a sit-on-your-hands investment strategy. Here are hand-sitters for consideration.

Britain’s HSBC Holdings (HBC,54) has few rivals when it comes to providing broad, global financial services to small and midsize businesses. It trades at 15 times trailing earnings, 1.2 times book value and 4 times cash flow, with a 3.7% dividend yield.

Apple (AAPL, 461) is no longer beyond criticism. I like that. The world’s largest stock, it has a P/E of ten and sells for 3.3 times book value and 7.4 times cash flow. Its dividend yield is 1.8%. It’s a bargain among megacap tech stocks like IBM, Google, Oracle and Microsoft, and it’s a bargain among megacap consumer stocks like Amazon.com, Comcast, Disney and Nestle. Use Wall Street’s hypercritical mood toward Apple as a buying opportunity.

Another big company worth buying is Visa (V, 160). It’s in financial services and consumer services. It is also a strong technology play. Visa accounts for nearly half of the world’s credit- and debit-card market. Think of it as a highly skilled funds-transfer firm with a giant global brand. Buy this stock and you can’t help but “follow the money” around the globe. It’s not cheap on fundamentals (it sells for a P/E of 50) but is definitely a buy-and-hold candidate.

Inditex (IDEXY, 26) is an enigma. Its $88 billion in market capitalization is Spain’s largest, but it is a little-known giant. It happens to be the world’s biggest fashion group, and its founder, Amancio Ortega, is No. 3 among global billionaires. You’re most likely to know its Zara clothing store chain, but Inditex boasts many other thriving brands. Far from cheap at 27 times trailing earnings, it’s likely to become a darling of this bull market’s later stages as folks discover a new love.

Troubled Spain is also home to one of my other favorite megacap stocks, Banco Santander (SAN, 7.3). Earnings are depressed, but they’ll bounce back. At 1.1 times annual revenue I bet it earns a dollar a share in 2014 and generates more than 8% in dividend yield.

Special Offer: We asked some of the most successful investors in the country to name their #1 pick for 2013. Get details on their top 10 stocks in this free report, Forbes Top Stocks: 10 to Buy Now.

Italy’s largest integrated oil producer is ENI (E, 47). It has a footprint that spans the world, including sizable operations in Africa, Russia and the Middle East. It has more exploration potential than its peers, yet it sells at 50% of revenues, 1.1 times book value and 11 times my estimate of 2013 earnings–with a 4.5% dividend yield.

My fixation has been on big caps, but two rising midcaps, both in the disk-drive business, still look good. I recommended Western Digital (WDC, 48) on Jan. 16, 2012, at $30, and Seagate Technology (STX, 35) on June 6, 2011, at $17. Buy a half-position in each. They’re both cheap at about 4.5 times trailing earnings and 80% of sales. Seagate offers a rich 4.3% dividend yield, and Western Digital yields 2.1%. Think of these companies as oligopolists in the growing disk-drive business. Without data storage the world goes nowhere fast.

Money manager Ken Fisher’s latest book is Markets Never Forget (But People Do) (John Wiley, 2011). Visit his home page at www.forbes.com/fisher.
comments, called-out
Comment Now
Follow Comments Following Comments Unfollow Comments
Comment Now
Follow Comments Following Comments Unfollow Comments

*
*
*
*
*
*

Print
Report Corrections
Reprints & Permissions
Post Your Comment
Cancel reply
Post Your Reply
Please log in or sign up to comment.
Enter Your Comment
Submit Comment

Forbes writers have the ability to call out member comments they find particularly interesting. Called-out comments are highlighted across the Forbes network. You'll be notified if your comment is called out.
Most Read on Forbes
loading

* News
* People
* Places
* Companies

+ show more
(contributor_data.name)!?html Ken Fisher Contributor
Follow Following Unfollow
+ show more

Ken Fisher has been writing the Forbes Portfolio Strategy column for over 28 years and is the fourth-longest running columnist in Forbes' history. He is also founder, chairman and CEO of Fisher Investments, an independent money management firm based in Woodside, CA, which manages tens of billions of dollars and serves tens of thousands of high net worth individuals, foundations, endowments, and large pension plans. He is the author of 8 books, 5 of which are national best sellers. Ken Fisher started writing his monthly column in 1984, the same year he gained international attention for his book Super Stocks, which popularized the price-to-sales ratio. His writing for Forbes was commemorated in a book published by Wiley in 2010, The Making of a Market Guru: Forbes Presents 25 Years of Ken Fisher. He was honored by Investment Advisor magazine as one of the industry's 30 most influential individuals over the last 30 years (Thirty for Thirty, May 2010). Ken Fisher resides in Woodside, CA, with his wife Sherrilyn. He is currently ranked No. 263 on the 2011 Forbes 400 list of richest Americans. For an archive of past columns, visit: http://www.fi.com/forbes

The author is a Forbes contributor. The opinions expressed are those of the writer.
Ken Fisher’s Popular Posts

* Hit The Refresh Button 74,108 views
* About Ken Fisher 37,089 views
* Best Summer Stocks And Books 30,779 views
* Seven Election Year Chinese Stocks 30,553 views
* What Can Charlie Sheen and the Three Stooges Teach the Fed? 26,264 views

More from Ken Fisher

* Ken Fisher’s RSS Feed
* Ken Fisher’s Profile
* Ken Fisher’s Recommended Reading
* Ken Fisher’s Website

Subscribe to Forbes
Get 2 Free Issues
Subscribe to Forbes

*
*
*
*
*
*

Submit

* SUBSCRIPTIONS
* Subscribe To Newsletter
* Subscribe To Magazine
* Subscriber Customer Service

Who Just Made a Billion Dollars?
Our Real-Time Billionaires scoreboard tracks the biggest holdings for 50 of the world’s wealthiest people. See who's up & who's down right now »
Inside Forbes
Forbes Billionaires 2013: The Richest People In The World
Forbes Billionaires 2013: The Richest People In The World
The names, numbers and stories behind the 1,426 people who control the global economy.

* Icahn Unleashed: Wall St's Richest Man On The Attack
Icahn Unleashed: Wall St's Richest Man On The Attack
* The Best Cities For New College Grads
The Best Cities For New College Grads

* Grown Up: Ivanka Trump's Savvy Negotiating Evolves The Family Business
Grown Up: Ivanka Trump's Savvy Negotiating Evolves The Family Business
* Real-Time Billionaires
Real-Time Billionaires

Channels

* Business
* Investing
* Technology
* Entrepreneurs
* Op/Ed
* Leadership
* Lifestyle
* Lists

Company Info

* Forbes Careers
* Advertising Information
* Forbes Conferences
* Investment Newsletters
* Reprints & Permissions
* Terms and Conditions
* Privacy Statement
* Contact Us
* Sitemap
* Help

Affiliate Sites

* Forbes China
* Forbes India
* Forbes Israel
* Forbes Mexico
* Forbes Middle East
* Forbes Poland
* Forbes Romania
* Forbes Russia
* Forbes Ukraine
* RealClear Politics
* RealClear Markets
* RealClear World
* RealClear Sports

Data Partners

* Market Data by Morningstar
* Thomson Reuters
* AdChoices

Publications
Forbes Magazine ForbesAsia ForbesLife

* Free Trial Issue
* Subscriber Services
* Buy Back Issues

2013 Forbes.com LLC™ All Rights Reserved 


  Assunto Autor(a) Postado em
*  kenneth fisher jose 2013-30-03 02:53


  |  Voltar