The Phaserl


The Best Question I’ve Gotten All Summer

from Outsider Club:

I send out occasional e-mail blasts to a list of professional colleagues and other interested parties, and am always very energized — and sometimes amused — by the feedback I receive in return.

In those e-mails I focus on the same themes I touch in these editorials and those themes make up the overarching strategy I use to compose my clients’ portfolios.

Those e-mails are also a spin-off from the same brain that produces my newsletter, the Portfolio Guru Post. It’s my noggin, for better or for worse. That newsletter will soon be available from the Outsider Club, which brings you several other value-added investment publications. Stay tuned for more details on subscribing to the PGP!

Commercial messages aside, in the PGP, my e-mails, all my communications with my clients and even in conversations with those “civilians” who are brave enough to ask me about stocks, one theme emerges. The question posed to me most often is “why are you not bullish on the U.S. stock market?” My reply is always “because earnings growth isn’t there.”

My philosophy is that simple. When one puts out as much content as I do, one must be ready for feedback of all kinds — and as I said above, I love the feedback. The best e-mail reply I’ve received in the last two months read simply:

“You’re right on earnings… but when is the market going to care?”

A great question, and sent from one of my oldest friends, who was also a colleague of mine in equity research at DLJ in the Dark Ages/early 1990s. He nailed it.

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