Payne's Perspective: February 5, 2024: Just Don't Inhale
Bill Clinton's Approach to Buying Mega-Cap Stocks
Twenty five years ago Bill Clinton claimed he "didnt inhale" marijuana smoke.
“I've never broken a state law,” he said at a candidates' forum. “But when I was in England, I experimented with marijuana a time or two, and I didn't like it. I didn't inhale it and never tried it again.”
There is an interesting dilemma to investing in mega-cap names at this game stage. I’m not talking about legacy positions with attractive entry levels, but for others considering buying now, it seems scary for those who have missed the boat.
Conversely, these stocks will top out one day, and many will beat a hasty retreat, but millions of investors will not close out their positions.
A bunch of experts will come on television saying to close them out, but investors listened to the same group of experts that would never have owned the names in the first place or scaled them out a long time ago.
There is a dilemma for those investors who refused to buy these stocks in the past but feel the urge to jump in now. There is also a dilemma for those who think no ceiling exists for these names.
These are among the greatest companies in the world have ever seen, and even great stocks can have an overbought stock price, although when it comes to great companies, they often rally to extremely overbought conditions.
I think both groups of investors should use Bill Clinton's experience with marijuana.
Smoke (chase) them but don’t inhale (blindly putting hype over common sense and investing rules).
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