David Fleer
Bristlecone Value Partners, LLC
12301 Wilshire Blvd., Suite 320
Los Angeles, CA 90025 USA
Work 1-877-806-4141

Monthly Digest – August 2010

August 15th, 2010

“People don’t go there anymore. It’s too crowded.” – Yogi Berra

The Big Switch

It is no secret that the stock market has suffered through a decade of miserable returns.  Bombarded by constant reminders of this, investors are steadily losing their appetite for stock investing.  Meanwhile, bonds have enjoyed a remarkable 30-year run of 8% – 10% annualized returns.  Looking in the rear-view mirror, then, it shouldn’t be a surprise to find that investors are steadily shifting their investment allocations from stocks to bonds.  Following the crowd usually yields poor investment results.

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