Jason Zweig
speaker
906 appearances
17 recordings
1 series
first heard Jan 2018
last heard Sep 2022
Jason Zweig’s voice in public audio — every appearance, attributed to the second.
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Appearances
Others might say we also want to see low debt.
We want to see high competitive strength, companies that are likely to have a durable advantage against their competitors.
Still, others might look at measures like cash flow or growth in a company's book value.
There's lots of different ways to measure quality, and when you measure it different ways, you get portfolios that look highly dissimilar.
I think there's a couple reasons.
One is that when investors are worried about the economy, and especially when inflation looms really large the way it does now, people will favor companies that earn their profits and their cash flows in the near term.
And that typically tends to be
companies, you know, that are often described as value stocks, often those that pay high dividends, because you're getting that dividend today.
You don't have to wait into the medium or long term to get those profits.
Whereas quality companies, which generate stable returns well into the future, you may have to wait longer to get that return, and that becomes less valuable in a
Yeah, if you invest in quality stocks, one of the qualities you may need yourself as an investor is a lot of patience because it can take quite a few years before a strategy like this pays off.
Well, I think the most important thing people should bear in mind is that the past is not very predictive for the future.
When markets recover, they recover in all kinds of ways.
Sometimes the turnaround is explosive.
and it takes almost everybody by surprise.
That was certainly the case in say 1975 or in 1988 or for that matter in 2009 after the global financial crisis.
Other times markets recover very slowly the way they did after the 1929 crash or in the early 2000s.
So I think you have to be patient with the markets and you have to be patient with yourself.
most importantly, and not to form too hard a forecast in your own mind of what's going to happen because you don't want to lock yourself into too inflexible a strategy.
I mean, long-term investors and young people should certainly just ride it out.
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