However, investors need to be aware that while consumers will indeed have to continue to eat, drink and take their medicine, and therefore continue to buy the products of those companies, in a market decline investors do not have to continue to value the earnings of those companies as highly as during an exciting bull market. Furthermore, they do not.
In the enthusiasm of a bull market investors may be willing to pay 20 times earnings for a stock, while in the throes of a serious market decline they will perhaps pay only 12 times earnings for the same stock. Thus, although a company's earnings may continue to grow, even "defensive" sector companies see their stocks decline in value in a market correction.
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It's always a good idea to keep some good articles, at least I think they are good for reference, so I can go back and read them later.
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