I am a firm believer in Buffett’s old adage that "there are no called strikes in investing." If an investor is patient the market will eventually err and they will be in a position to capitalize on the mistake. There is no need to chase stocks for the sole reason of owning them. For instance, I love Chevron (CVX) as a company. I feel it is the best integrated oil play on the market, but not at its current $90 cost basis. I will wait for Chevron’s price to come down, or allocate my capital elsewhere.
As a long term dividend investor, I have been twiddling my thumbs since July. Good entry points have been few and far between, with the market slowly, but steadily, grinding upwards. The economies seemingly renewed strength, pro-business Obama, QE2 and a Republican congress has changed my outlook for 2011. Barring any unforeseen macro events, the market wants to go higher and thus it will go higher. I have learned the hard way not to fight the fed.
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