James Mackintosh

speaker

379 appearances 7 recordings 1 series first heard Nov 2017 last heard Nov 2024

James Mackintosh’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Growth Stocks vs. Value Stocks: Where's the Smart Money? · 29 Nov 2017 podcast

And the new era thinking would say, well, there's probably no price at which the true believers that companies such as Amazon attract, those true believers often say, well, there's no price at which I would buy a department store stock because they're all going to disappear.

These companies will vanish from the face of the earth to be replaced with online shopping.

And

they might turn out to be right but typically when new technologies come in people get carried away and the old traditional companies do survive for longer and longer than was initially expected in the excitement and it certainly looks like a lot of these sort of disruptive technologies of this year got really quite excitable in the stock prices so

It may be that whilst they are true disruptions, and far be it from me to say that online shopping is going to go away.

I'm getting notifications on my phone as we sit here that deliveries are being attempted at my house right now.

Actually, they're mostly finance books.

But hey, there will be some presents sometime.

But the question comes to say, well,

at what price do I want to buy those old line businesses, the businesses that are being disrupted?

And the value investor would say, well, absolutely, there's a price.

And maybe we're now reaching that price.

They have done so badly this year in the retail space.

Well, it's certainly, I mean, this is the big debate, right?

If we knew when this was going to turn,

We'd all be rich because this is the point at which you would go short the big tech stocks.

You'd be long the boring, out of favor, the retailers, the car manufacturers, the things that just no one really likes very much.

And the problem with doing that, of course, is anything can always go on longer than you expect.

Thank you.

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