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i think the same rules applied 50 years ago applied five years ago by 20 years from now first of all you have to know what you own whether it's a fund or a stock you have to have a reason for it and the author explains to an 11 year old in two minutes or less why onus and this sucker's going up there's not a good reason i've tried that one it's not doesn't work basically you look now you have three choices i think if you're invested you could put your money in a money market fund and get one seven one five one six and it's taxed at the 40 rate bring by 10-year treasury and get four seven that's taxed at a 40 rate or you can have some equities and i think stocks over the next 10 years will do a lot better than four seven or one seven so i would have some of my money now it's up to the person decide how much they want in the stock market for some people 10 percent is aggressive for some people 50 is the right mind it's a personal decision and you can't go by these rules that if you're 25 you should be 100 and you're 45 you should be 50 if you're 60 you should be zero and it's burping a lot i know what the rules are people with 60 but they i hate those rules i think they're pathetic why are you confident that stocks will be a lot higher in 10 years well they're not lottery tickets i mean when you own a stock it's a share of a company and i think companies are going to make a lot more money in 10 years a lot more money in 20 years and that's that's why they go up that's the only reason some companies don't do well zero hawks make a lot less money than they did 30 years ago it's a lot less more companies earning a lot more money they were and that's why stocks go up corporate prop has gone up 40 fold since world war ii stock markets up 40-fold it's 25 years since you started running magellan you have been director of research for fidelity you've been with them since i guess 69 what are the most conspicuous mistakes you've seen investors make well i think not looking at the balance sheet this mistake i've made if you look at you know if you look at a person's balance sheet you look to see what the assets on their houses they own a house they own a car what debt they haven't take that away that's what your net worth is you should do that with a company i've seen investors look at companies that made let's say you're looking at two companies they're very depressed they're each at four dollars a share and they're each losing a couple million dollars a quarter one company that's 100 million in cash and no debt one company has no cash and 100 million of debt they're about to blow taps in the second company so you and you could do this if you get through eighth grade math you get anywhere near eight and eight equals 16 you can do this look at a company's financial position it's impossible to go bankrupt you don't have any debt when you were actively managing money you presumably are under the same pressures as other fund managers to show performance results did that incline you to sell too quickly sometimes well i think my greatest mistakes are probably you know it's funny in the stock all you can lose 100 i've done that your great mistakes are selling a good company and that doubles then it triples and quadruples because you make a lot of mistakes since those ones that go up tenfold like on the 10 baggers so some of my mistakes are saying oh my god this stock is too high and i was wrong and you had to figure out what inning am i in this baseball game i sold toys r us way too early it went up 20 fold after i sold i did the same thing at home depot those are probably two greatest mistakes ever made when should you sell well you ought to find out why you bought a stock and you're saying it's a sickle company and they're doing poorly and they're doing awful you wait till things are getting better they're doing terrific and then you sell it but with a growth company you have to say walmart's case 10 years after they went public you could have bought the stock and made 500 times your money because they still are only in 15 united states and they could say why can't they go to 17 why can't they go 19 why can't they go to 23.
so for the next four decades you know around the country you have to say to yourself in this stock i have a 10-year story a 20-year story i'll be able to write that down and follow that that's what i do with the company and that's your decision that's how you sell it you still buy a company and buy a company to grow and if it's a textile company or it's an electronics company a software company you better understand what they do and if they do well the stock will do well no matter what happens the market if the dow jones today was a thousand or 500 you had made a lot of money mcdonald's you had made a lot of money johnson johnson you are made a lot of money gillette these companies earnings have gone up a lot the last 30 years and if the market was 50 000 you would have lost money in burlington industries i recommended that in 1969 i think it's it's gone from 34 to 2 with no stock splits these earnings been terrible well your modesty actually makes an important point which is people with the best batting averages in the world don't bat a thousand i sometimes get angry male 1 pick leader and bear market saying so-and-so recommended such-and-such and it went down well uh how often did you come up with a clicker well this is a funny business you don't have to write even five times out of ten if the times you're right you make a double and triple it offsets all those times you lose twenty or thirty percent so when you buy a to psychiatrist itself how much can i lose and how much can i make and you ought to be able to make a lot is it stocks are risky i mean look at how much we lost on the t look how much less than xerox these were quality companies you know you could lose a lot in stock just say yourself how much can i make because i want to buy a stock if i'm right i'm going to make a double or trip does your own confidence ever get shaken every day i think the market's gonna go up i keep calling a lot of my company so i keep calling the company you once said to me that you spent all your time looking at companies analyzing them as businesses and you didn't spend a lot of time worrying about the economy do you have a view on the economy now well i look at the economy i look historically economy i don't look at the future i mean that's weather forecasting i look i look at the economy backwards see what's happening and it kind of looks very good to me right now housing market looks terrific the auto market looks good the consumer looks good it's a lot of good elements to it if this is we've had nine recessions since world war ii and they've averaged usually about a two percent decline in the workforce you know it's terrible there's about a million half people have lost their jobs in this decline but that would only be about a one percent decline in the workforce so so far this has been a mild recession has been mild in technology has been mild and telecom has been mild for you know if the company's making fiber optics but it's been a normal recession and i would never bet against the american economy it's powerful you were never a big fan of the technology group are you now i've actually started looking i'm a little early on these things i started looking at in january and february and i've been researching the companies and they're very complex because they're if there's a thousand technology companies they're all a little bit different they're not like a bunch of banks they're very similar so you have to be careful i'm looking companies they're selling close to cash they're an industry leader and they're down 95 percent well i think that's a very interesting correlation i mean the japanese market economy has been incredibly they've had a 12-year recession but there you had a real problem with the banking system you basically had let's say average building a commercial building went from 50 million to 500 million a bank then made 110 loan against a 550 million dollar loan then the building went back to 50 and they're stuck with a 450 million loans and the government never cut taxes it actually raised taxes i mean they did everything wrong and the companies didn't cut costs so they just sort of sat there hope things would get better our companies act fast they start cutting costs real quickly and our government is fortunately this is rare in our history we went into this recession running a surplus first time ever the system's supposed to be in our country we should run services and good times and then the bad times we run deficits well guess what it's working they didn't have that in japan in japan now it's wasted 12 years i don't think it has all i don't just look to me at all like japan we're near we're starting to get better already here lou asked your question about sort of the typical investor mistakes and when you started in the business i know the average investor held mutual funds for you know 16 17 years and now it's down to less than two years right do you think that's one of the problems if timerize has gotten too short well i think also they have to say what do i want do i need the money in a year i need the money five years you're a terrible investor you need the money a year if you need for college to send your kids there or a wedding you're not gonna be a good investor then you have to do some homework and say should i have ten growth funds that's silver you say what do i want i want two or three growth funds what's my mix i like and you want to say is aggressive you know some people aggressive is 50 so i would say people and some people might want to have foreign funds it's like a menu at a restaurant they should look it over and decide what they like and then stay with it and if one group does well for two or three years the next bunch of money they add to maybe they should have the group that's underperforming over time different categories work out to be about the same so you get whipsawed if you're on one area just bully for three years you say get me out of that you go into some other area and that does badly for three years you'll be in it forever and then make money peter does this market remind you of any that you've been through before i would say 90 the 90 bear market is very similar in many ways i mean we just think saddam hussein takes over kuwait and we send 500 000 troops to saudi arabia all the people are saying it's going to be iraq's the third largest army in the world to be another vietnam we had a recession we had all these banks in trouble right now our banks are in terrific shape was a major possible so that was a very scary environment and we had defaults i mean it was an ugly environment everybody was afraid so i think that was a very similar market and i think 81 82 was ugly too we would you know 20 prime rate double digit inflation double june and unemployment so those are scary markets and then top it all off the 7374 market because you remember the nifty 50 we had that we had it in technology stocks so we had 95 declines and you know we combined three markets into one special case spent very fast we have less than a minute left those who were who are less sanguine about the economy than you've just expressed often cite the recent declines in the dollar and the shift from surplus to deficit as negatives you seem to indicate that they're positives why well i think i think the government running a deficit is terrific that's why it should work i mean when they're running a 200 billion dollar surplus which they were they're taking 200 billion out of the economy now the government's running a 100 billion dollar deficit it's pumping 100 billion in it's a cushion so you don't see a double dip recession coming i don't i can't break the future that's a healthy thing to have buffers in the economy we've had nine recessions where we're two we've got every one of them the system works if you could give one sentence of advice to scared investors right now what would it be i think you ought to see some kids you know hire an eight-year-old harvest six-year-old just watch them they don't know who alan greenspan is they know about the shape of the yield curve they're optimistic about the future we'll be fine for the next 30 40 years let's hope you're right peter courage and persistence at work in the past you
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