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汪 翔  
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汪翔
来自: 美国
注册日期: 2009-10-24
访问总量: 3,785,701 次
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最新发布
· 偷袭与被偷袭
· 拥枪文化之三:卢刚事件
· 买买买,是福是祸?
· 心病难治
· 汉口截杀
· 野鹿,未见识的凶悍(下)
· 拥枪文化之二:生意红火
友好链接
· 刘以栋:刘以栋的博客
分类目录
【《追风》】
 · 偷袭与被偷袭
 · 心病难治
 · 汉口截杀
 · 拜见军师(1)
 · 神秘的使命(2)
 · 神秘的使命(1)
 · 要塞的红火(3)最后的晚餐
 · 要塞的红火(2)
 · 要塞的红火(1)
 · 血染的风采(3)
【《美国生活》】
 · 拥枪文化之三:卢刚事件
 · 拥枪文化之二:生意红火
 · 拥枪文化之二:无处不在
 · 新科诺贝尔经济学奖获奖者给你谈金
 · 教育投资的目的
 · 学美国搞地产税,抑制炒房?
 · 我们是谁?
 · 我们真的这么穷吗?
 · 从哈佛教授四美元较真开说
 · 穷则思变,变得了吗?
【《国安一号》(科幻小说)】
 · 完美的制度(结尾)
 · 釜底抽薪
 · 秉性使然
 · 竭嘶底里
 · 铿锵玫瑰
 · 人间炼狱
 · 不宣而战
 · 暗度陈仓
 · 精准打击
 · 鼹鼠出击
【《短篇小说》】
 · 求婚
 · 引力波是个啥?
 · 删除
 · 删除
 · 删除
 · 删除
【《股市投资杂谈》】
 · 投资的逻辑:灾难与机会
 · 股市投资的猫狗之道
 · 亚马逊建第二总部,带来机会
 · Snapchat 来了,赌一场?
 · 马云的帝王梦能走多远?
 · 投资价值分析; COH 与 KORS
 · 股市进入泡沫还是余威继续强盛
 · Home Depot的投资价值分析
 · 为什么巴菲特喜欢IBM
 · 介绍一种安全稳妥的投资手段
【《犹太经商天才》】
 · 《犹太经商天才》: 2.生不逢时
 · 第一章:苦命的孩子(1)
【《面书观察》】
 · 面书会成为下一个苹果吗?
【《美国之最》】
 · 美国电影巨星你知多少
 · 2012年代价最大的新产品败笔
 · 美国单位面积销售最好的零售店
 · 美国人最讨厌的行当和机构
 · 穷人的钱也很好赚
 · 美国最舍得在广告上花钱的公司
 · 即将消失的十大品牌
 · 医院安全指数最高的十大州
 · 维稳做得最好和最差的十大国家
 · 美国犯罪率最高的十大都市
【《美国经商日志》】
 · 新闻周刊:如何寻找下一个Facebook
 · 是什么能让国家、企业长治久安?
 · 美国的商业诚信是如何打造的
 · 商业思考:亚马逊在忽悠投资者?
 · 商业思考: 奢侈品市场的投资机会
 · 商业思考:最低薪太低与快餐店连锁
 · 商业思考:美国糖果市场的佼佼者
 · 美国零售业开始了中国模式?
 · 流量最大的十大网站
 · 成者萧何败者萧何
【《解读日本》】
 · 东京人不是冷静 是麻木冷漠!
 · 日本灾难给投资者带来怎样的机会?
 · 日本地震灾难对世界经济格局的影响
 · 美国对日本到底信任几何?
 · 大地震带来日元大升值的秘密
 · 日本原来如此不堪一击
 · 灾难面前的日本人民(3)
 · 灾难面前的日本人民(2)
 · 灾难面前的日本人民(1)
【《苹果观察》】
 · 乔布斯的商战
 · 投资者在歧视苹果公司吗?
 · Penney的CEO到底误读了什么?
 · 是不是苹果真的出了麻烦?
 · 大跌之后的苹果价值再评价
 · 苹果大跌之后是不是机会?
 · 苹果跌了,谁对了?
 · 科技产品新周期循环开始了?
 · 再议苹果的投资价值
 · 到了该买点苹果股票的时候了
【《犹太经商天才》:目录和序言】
 · 《犹太经商天才》(连载) 003
 · 《犹太经商天才》(连载)002
 · 《犹太经商天才》(连载) 001
【华裔的战歌】
 · 中国不应对骆家辉抱太大的幻想
 · 华裔政界之星——刘云平(2)
 · 华裔政界之星——刘云平(1)
 · 心安则身安,归不归的迷思
 · 华裔的战歌(5):谁造就了"香
 · 华裔的战歌(4):关注社会与被社会
 · 华裔的战歌(3):“全A”情结与失
 · 华裔的战歌(2):犹太裔比我们强什
 · 华裔的战歌(1) 华裔在美生存现状解
【海龟与海带话题】
 · 祖国,你够格被称为母亲吗?
 · 故乡、祖国与自作多情
 · 海龟(15):如果懦夫也能生存
 · 海龟(14):石油、中国、人民币
 · 海龟(13):付出的和获得的
 · 海龟(12):钱学森曾经想叛国吗?
 · 海龟(11):官员博士多与钱学森不
 · 海龟(10):如果幼稚能够无罪
 · 海龟(9):钱学森的尴尬
 · 海龟(8):钱学森不访美的困惑
【读书与孩子教育】
 · 药家鑫教给了我们什么?
 · 越来越多的美国人不读书了
 · 美国人为什么喜欢读书
 · 数码书革命如何影响我们的生活
 · 读书、无书读与数码电子书
【杂谈】
 · 野鹿,未见识的凶悍(下)
 · 野鹿,未见识的凶悍 (上)
 · 爱你好苦
 · 美国生活最幸福的十个州
 · 柯达为什么破产
 · 又一个机会:制造低价香烟的商机
 · 解读杰斐逊县破产案
 · 如果华尔街不吃香了
 · 酸奶店经营成功的秘诀
 · 开酸奶店,难得的赚钱机会
【我的中国】
 · 买买买,是福是祸?
 · 白鹿原,一个冷酷可怕的世界
 · 《环球时报》太霸道,太无聊
 · 《浙大岁月》(2):第一次赚钱
 · 《浙大岁月》(1):第一次经商
 · 浙大,中国的富豪富矿池
 · 可以客观评价毛林了?
 · 黄海波需要嫖娼是匪夷所思
 · 中国欺诈成风因为啥?
 · 富女难嫁
【《中国企业家画像》】
 · 国内经营美容院的成功秘密
 · 值得给中国的私有企业贷款吗?
 · 具有犹太商人素质的企业家?
 · 骄雄、赌徒、愚昧,还是天才的企业
 · 精明的企业家,还是唯利是图的小人
 · 中国企业家应该是什么样的
 · 中国企业家画像之一:孙汉本
 · 经营的逻辑与兰世立的“智慧”
【金融危机】
 · 《高盛欺诈门》(8)∶打错的“算盘
 · 《高盛欺诈门》(7)∶零和博弈的“
 · 《高盛欺诈门》(6)∶来自股东的信
 · 读不懂的中国逻辑(1)
 · 《高盛欺诈门》(5)∶陷阱
 · 《高盛欺诈门》(4):冰山一角
 · 《高盛欺诈门》(3):恨又离不开
 · 《高盛欺诈门》(2):症结
 · 《高盛欺诈门》(1):序幕
 · 理解高盛欺诈,请先读读《危机与败
【地产淘金】
 · 炒房案例之一:南京
 · 外资新设房企数大增 千亿美元购商业
 · 该是投资银行股的时候了吗?
 · 中国楼市观察(1)
 · 地产淘金的最佳时机到了吗?
 · 房价突然跌一半,穷人更惨
 · 买房、租房与靠房市发财
【我的书架】
 · 今年诺奖得主的代表作《逃离》全文
 · 《乔布斯的商战》(目录)
 · 《乔布斯的商战》出版,感谢读者
 · 张五常:人民币在国际上升值会提升
 · 《博弈华尔街》,让你再一次感悟金
 · 《危机与败局》目录
 · 《危机与败局》出版发行
 · 下雪的早晨 (艾青)
 · 《奥巴马智取白宫》被选参加法兰克
 · 岳父,我为你自豪和骄傲
【《战神林彪传》】
 · 《战神林彪传》第二章 (2)
 · 《战神林彪传》第二章(1)
 · 《战神林彪传》第一章(5)
 · 《战神林彪传》第一章(4)
 · 《战神林彪传》第一章(3)
 · 《战神林彪传》第一章(2)
 · 《战神林彪传》第一章(1)
【阿里巴巴与雅虎之战】
 · 福布斯:马云和他的敌人们
 · 阿里巴巴与雅虎之战(2)
 · 阿里巴巴与雅虎之战(1)
【国美大战】
 · 企业版的茉莉花革命与公司政治
 · 国美之战,不得不吸取的十条教训
 · 谁来拯救国美品牌
 · 国美股权之争:两个男人的战争
 · 现在是投资国美的最佳时机吗?
 · “刺客”邹晓春起底
 · 邹晓春:已经做好最坏的打算
 · 愚昧的陈晓与窃笑的贝恩
 · 贝恩资本的真面目(附图片)
 · 陈晓为什么“勾结”贝恩资本
【《哈佛小子林书豪》】
 · 从林书豪身上学到的人生十课之一:
 · 《哈佛小子林书豪》之二
 · 《哈佛小子林书豪》之一
【《乔布斯的故事》】
 · 苹果消息跟踪:如果苹果进入电视市
 · 乔布斯故事之十四:嬉皮士
 · 乔布斯的故事之十三 犹太商人
 · 乔布斯的故事之十二:禅心
 · 乔布斯的故事之十一:精神导师
 · 乔布斯故事之十:大学选择
 · 乔布斯的故事之九:个性的形成
 · 乔布斯的故事之八:吸食大麻
 · 乔布斯的故事之七:胆大妄为
 · 乔布斯的故事之六:贪玩的孩子
【中国美容业】
 · 国内日化品牌屡被收购 浙江本土品牌
 · 外资日化品牌再下一城 丁家宜外嫁法
 · 强生收购大宝 并购价刷新中国日化纪
 · 从两千元到一百亿的寻梦之路
【加盟店经营】
 · 转载:太平洋百货撤出北京市场 嫌租
 · Franchise Laws Protect Investors
 · Groupon拒绝谷歌收购内幕
 · GNC 到底值多少钱?
 · 杨国安对话苏宁孙为民:看不见的生
 · 张近东:苏宁帝国征战史
 · 连锁加盟店成功经营的四大要素
 · 加盟店经营管理的五大核心问题
 · 高盛抢占新地盘 10月将入股中国供销
【《乔布斯的商战》】
 · 苹果给你上的一堂价值投资课
 · 纪念硅谷之父诺伊斯八十四岁诞辰
 · 乔布斯的商战(6): 小富靠勤、中富靠
 · 乔布斯的商战(5): 搏击命运,机会
 · 乔布斯的商战(4):从巨富到赤贫
 · 乔布斯的商战(1):偶然与必然
 · 让成功追随梦想:悼念乔布斯
【《鹞鹰》(谍战小说,原创)】
 · 《鹞鹰》(谍战小说,原创)
【盛世危言】
 · 美国长期信用等级下调之后?
 · 建一流大学到底缺什么?
 · 同样是命,为什么这些孩子的就那么
 · 中国式“贫民富翁”为何难产
 · 做人,你敢这厶牛吗?
 · 言论自由与第一夫人变猴子
 · “奈斯比特现象”(下)
 · “奈斯比特现象”(上)
 · 理性从政和智慧当官
 · 中国对美五大优势
【删除】
 · 《国王与女人》(14)
 · 《国王与女人》(13)
 · 《国王和女人》(12)
 · 《国王和女人》(11)
 · 《国王和女人》10
【删除】
 · 《国王与女人》09
 · 《国王和女人》08
 · 《国王和女人》07
 · 《国王和女人》06
 · 《国王和女人》05
 · 《国王和女人》04
 · 《国王和女人》03
 · 《国王和女人》02
 · 《国王和女人》01
 · 《国王和女人》:故事梗概
【《爱国是个啥?》】
 · 爱国(1): 爱国心是熏陶出来的
【菜园子】
 · 春天到了,你的大蒜开长了吗?(附
 · 春天到了,该种韭菜了
 · 室内种花,注意防癌
 · 我的美国菜园子(3)
 · 我的美国菜园子(2)
 · 我的美国菜园子(1)
【美国投资移民】
 · 美国投资移民议题(2)
 · 美国投资移民议题(1)
【理性人生】
 · 关于汽车保险,你不能不知的
 · 感恩之感
 · 失败男人背后站着怎样的女人(2)
 · 什么是男人的成功?
 · 失败男人背后站着怎样的女人(1)
 · 转载:巴菲特的财富观
 · 痛悼79年湖北高考理科状元蒋国兵
【《格林伯格传》】
 · 114亿人民币的损失该怪谁
 · 基于避孕套的哲理
 · 成功投资八大要领
 · 企业制度的失败是危机的根源
 · 斯皮策买春,错在哪?
【《奥巴马大传》】
 · 一日省
 · 追逐我的企盼
 · 保持积极乐观的生活态度
 · 陌生的微笑
 · 奥巴马营销角度谈心理
 · 神奇小子奥巴马
 · 相信奇迹、拥抱奇迹、创造奇迹
 · 什么样的人最可爱:献给我心中的“
 · 希拉里和奥巴马将帅谈
 · 是你教会了别人怎样对待你
【参考文章】
 · 美国最省油的八种汽车
 · 美国房市最糟糕的十大州
 · 美国历史上最富有的十位总统
 · 世界十大债务大国
 · 新鲜事:巴菲特投资IBM
 · 星巴克的五美元帮助产生就业机会计
 · 转载: 苹果前CEO:驱逐乔布斯非我
 · 华尔街日报:软件将吃掉整个世界?
 · 林靖东: 惠普与乔布斯的“后PC时代
 · 德国是如何成为欧洲的中国的
【开博的领悟】
 · 打造强国需要不同声音
 · 开博十天的领悟和发现
存档目录
11/01/2017 - 11/30/2017
10/01/2017 - 10/31/2017
09/01/2017 - 09/30/2017
08/01/2017 - 08/31/2017
06/01/2017 - 06/30/2017
05/01/2017 - 05/31/2017
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02/01/2017 - 02/28/2017
01/01/2017 - 01/31/2017
03/01/2015 - 03/31/2015
12/01/2014 - 12/31/2014
09/01/2014 - 09/30/2014
06/01/2014 - 06/30/2014
05/01/2014 - 05/31/2014
02/01/2014 - 02/28/2014
12/01/2013 - 12/31/2013
11/01/2013 - 11/30/2013
10/01/2013 - 10/31/2013
09/01/2013 - 09/30/2013
08/01/2013 - 08/31/2013
07/01/2013 - 07/31/2013
05/01/2013 - 05/31/2013
04/01/2013 - 04/30/2013
03/01/2013 - 03/31/2013
02/01/2013 - 02/28/2013
01/01/2013 - 01/31/2013
12/01/2012 - 12/31/2012
11/01/2012 - 11/30/2012
10/01/2012 - 10/31/2012
09/01/2012 - 09/30/2012
08/01/2012 - 08/31/2012
07/01/2012 - 07/31/2012
06/01/2012 - 06/30/2012
05/01/2012 - 05/31/2012
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股市投资的猫狗之道
   

股市投资的猫狗之道

 

感觉上,股市投资就像是打仗,游击战,阵地战,阻击战,歼灭战,各种各色,不同的人基于不同的的实力和自己理解的机会,只要是多思多虑,多多少少都会有些收获,特别是在牛市时。

几年前,很多人在这里忧虑退休后多少钱才够?与其忧虑存量,不如将注意力放在动量上:制造收益!就是做好理财呗!

只是得警告:我开始出来讲道了,很可能意味着股市高了。而且,经济周期一直按部就班到来,这一次的牛市已经持续了太久,大家注意不要被股市阻击!

股市投资,长线看价值,短线看趋势,一般不会错。

短期看量大,冲劲足的个股,快进快出,你会获得不错的机会。不少的人,就是用这种办法,在谷歌、面书、微软、亚马逊、腾讯、百度、阿里巴巴等热门股票,用割韭菜的办法,收割票子,结果还不错。

在咋们年轻的时候,也这么折腾过几年,那时候玩的是心跳,标的是谷歌、戴尔、雅虎等当年的老大。一度还赚了不少。这些公司,多数在今天已经夕阳西下,唯有谷歌依然夕阳红,还有越活越年轻的趋势。

股市的水很深,里面充满机会也布满陷阱。很多时候是大腕们在有意识的设陷阱:故意的打压某个股票,再悄悄的建仓。随后,又鼓动你参与来炒高股价,再高位抛售,让你接刀子。很多人就是用这种办法,来实现财富的合法转移而致富。

苹果一度就是最好的案例。

几年前,苹果股价对应的市盈率被打压到十倍。随后,巴菲特等人高调进入,再随后,就是现在接近十八倍的市盈率!股价上涨,与其说是公司盈利能力的抬高,不如说是市盈率的膨胀。有一天,等到这些大腕们玩腻了,出逃时,市盈率又会萎缩到十倍!

短期能够做到,从长远看,大腕们却没有这种打压能力:股价最终会在盈利能力的逐年上升之后,不得不跟进。有人估计过,可口可乐公司在几十年内股价成长了二十几倍,公司的赢利也成长了二十几倍!基本上同步!

从这一点看,如果你觉得面书,谷歌什么的,未来有持续的成长能力,你守一点,安安心心的种韭菜,若干年之后,也会受益不错。

下面的文章,说的的是在趋势咄咄逼人的时候,你可以透过现象看本质,从那些短期不受重视的公司里面寻找投资机会。也就是在大腕们打算忽悠你之前,你已经埋伏好,打伏击。只要认真研究,你有的是机会!在这里,研究和耐心都很重要。

最终说的还是价值投资。对此,或许你也可以读读我几年前写的《造就巴菲特的价值投资》(崇文书局)。高手写的,读读皮特·林奇的《征服华尔街》。我很喜欢他的“鸡尾酒理论”,用来预测股市的大趋势,非常有效。

对了,写这些,还是在担心有人跟读我的科幻小说《幽灵对决》,进入里面的逻辑,会中邪!

 

(转载请注明出处:汪翔的《万维网》博客)

 

附录:

These four fund managers' secret to success: Don't go with your gut on stocks

By Philip van Doorn, MarketWatch 

What investors need is 'second-level thinking' to avoid making mistakes 

Are you the type of investor who goes with your gut or follows the herd? Or do you deliberate, considering a company from all angles -- even trying to find the flaws in your own thinking? 

Taking the extra time can help you improve the performance of your investments. 

This recent article by Charlie Bilello (https://pensionpartners.com/fast-food-slow-thinking/) provides plenty of food for thought, using two-year stock charts for McDonald's Corp. (MCD) and Chipotle Mexican Grill Inc. (CMG) as examples. 

The two stocks have taken divergent paths in that span: 

Hardly anybody predicted that Chipotle would suffer so badly -- and for so long -- from the food-safety problems that began in July 2015. 

Remember that, before Chipotle's decline, many investors just "knew" that its restaurants represented the wave of the future for fast food and that stodgy McDonald's could never compete in food quality or service. 

Chipotle, famous for its made-to-order burritos since it went public in 2006, was growing quickly and faring better in customer-satisfaction surveys. McDonald's, meanwhile, had a new CEO who was trying to turn around the hamburger chain. An investors's first reaction might be to buy shares of Chipotle and avoid or short-sell McDonald's. Bilello calls that "first-level thinking." 

Bilello goes on to describe "second-level thinking." An investor might have concluded, upon deeper reflection, that Chipotle's stock was overvalued, or that its earnings might not rise as quickly as expected. The burrito chain might even suffer from growing pains, which is common in the industry. The investor also may have been attracted to the low valuation for McDonald's shares, and expect its earnings to decline less than expected. McDonald's, after all, has weathered many storms since its founding in 1955. 

In the end, the investor who picked old-school McDonald's over new and exciting Chipotle made a lot of money. 

We spoke with four professional money managers, and each named at least one company they thought was undervalued based on their own second-level thinking: 

Trip Miller 

Richard "Trip" Miller of Gullane Capital LLC said he is always looking for a "catalyst" for bargains among companies or industries that are out of favor with most investors. 

"With everybody being so negative so long on retail, a lot of really great businesses have unfairly gotten punished," he said, singling out Dollar General Corp. (DG) 

What sets Dollar General apart from most U.S. retailers is its rapid expansion. The company plans to open 1,000 new stores this year, while purchasing another 300. It had 13,429 stores as of March 3, and Miller expects it to expand to 20,000 within five years. 

One reason for the company's ability to survive, and even thrive, during the "age of Amazon," according to Miller, is that 70% of its stores are in markets with fewer than 20,000 people. In those areas, people "are more likely to walk or ride a short distance for daily purchases," he said. 

Miller complemented Dollar General's management team for using "zero-based budgeting," which means that every year they scrutinize every type of spending, rather than assuming a certain percentage increase for budget items. He appreciates the company's continued share repurchases. 

Shares of Dollar General closed at $75.38 on Sept. 8, down 1.4% this year. Still, since 2010, the shares have risen over 30% in three calendar years. 

There have been some pretty wide swings over the past year: 

"We would buy more below $70," Miller said. 

Marc Halperin 

Marc Halperin is a co-portfolio manager of the Federated International Leaders Fund . He believes shares of Allied Irish Banks PLC are undervalued, trading at roughly book value. With so many investors getting burned when Ireland's banking sector imploded in 2008, it's no surprise that many are still shying away. 

He expects the shares to rise to 1.4 or 1.5 times book value. "We are looking for at least 40% upside on [the stock], and that is conservative," Halperin said. 

Allied Irish Banks is the largest bank in Ireland, with nearly 300 branches, and Halperin said it has "a better distribution system" than its peer, Bank of Ireland, because Allied Irish has about 1,100 through An Post, the country's official provider of postal services. 

Before the financial crisis of 2008, when Ireland's economy was rapidly expanding, Halperin said he and his colleagues were not comfortable with Irish banks because of their aggressive expansion. In 2008, Allied Irish Banks' ratio of loans to deposits was roughly 220%. 

But nine years later, "most people really are not aware of the restructuring going on at the bank," he said. The loans-to-deposits ratio now is about 100%, he said. He also said the bank had whittled down its nonperforming loans to 6.7 billion euros from 29 billion euros at the end of 2013. 

Halperin said the improved health for Ireland's economy, which grew 5.2% in 2016, according to the Organization for Economic Co-operation and Development (http://www.oecd.org/eco/outlook/economic-forecast-summary-ireland-oecd-economic-outlook-june-2017.pdf), bodes well for the bank. 

"We are looking for about 5% GDP growth this year," Halperin said. U.S. gross domestic product growth, in comparison, was 1.6% in 2016. 

John Buckingham 

John Buckingham is the editor of the Prudent Speculator newsletter, which recently had a No. 1 ranking for performance since its inception 40 years ago from the Hulbert Financial Digest. Buckingham and his team manage money following the Prudent Speculator strategy through AFAM Capital. 

"The gist of second-level thinking is the whole crux of value investing," Buckingham said. "We are trying to buy things that are on sale, because investors have lost interest in the company because of events that are more short term in nature, or because fears of the future that may be overblown." 

He said "value stories are usually hard to sell people on," while growth stories are easy to sell. 

Buckingham likes General Motors Co. (GM), which trades for only 6.3 times the consensus 2018 earnings estimate, among analysts polled by FactSet. Tesla Inc. (TSLA) has a market capitalization that is higher than GM's, even though the relatively small electric-car maker is projected to lose money this year and next. So one can't compare price-to-earnings ratios for the two companies. 

But if one wishes to make a bet on the increasing popularity of electric cars, Buckingham believes GM, with its 13% market share in China, is a safer investment. 

"I would rather do it with a company that is making money and is not going to have to tap the capital markets to keep operating," he said. 

The Chevrolet Bolt electric car was named Motor Trend's car of the year for 2017 (http://www.motortrend.com/news/chevrolet-bolt-ev-2017-car-of-the-year/). 

Buckingham noted that General Motors is dissimilar to the "old GM" that went bankrupt in 2009 after being saddled with "massive debt and pension obligations." 

Investors' concerns about a possible peaking of U.S. auto sales are valid, Buckingham said. Still, GM's bar has been set low, and if it traded at its five- and 10-year average price-to-earnings ratio of 8, that would imply 27% upside for the stock, he said. Patient investors can also savor GM's dividend yield of 4.12%. 

Buckingham sees similar overreactions over Kroger Co. (KR) shares in light of Amazon.com Inc.'s lowering of food prices after completing its acquisition of Whole Foods. He also likes Target Corp. (TGT) and Wal-Mart Stores Inc. (WMT) as retailers that are undervalued because they are "being penalized by the news" surrounding Amazon's dominance. 

Larry Pitkowsky 

Larry Pitkowsky, co-manager of the GoodHaven Fund said he tries to avoid following the herd. 

"We are always looking for situations where we differ from the market," he said. "That is where you find inefficiencies and potential bargains." 

He reiterated his positive take on Barrick Gold Corp. (ABX.T), the largest gold-mining company in the world. Pitkowsky was featured in a MarketWatch interview in July 2016 (http://www.marketwatch.com/story/two-veteran-stock-pickers-win-by-going-where-others-see-fear-or-disinterest-2016-07-26). 

Barrick is still the largest position of the GoodHaven Fund. Gold prices on Friday rose to their highest level in a year, helped by a falling dollar and weaker equities amid a "risk-off" sentiment by investors. 

Pitkowsky made the case on Barrick again. 

"You still have the opportunity to invest in a sector that is not popular, with a new management team, where they have proven themselves to be very strong operators, and where you have reduced leverage and costs," he said. 



 
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