06-03-2014, 09:51 PM
I found this interesting over on Morningstar. I've bolded the salient parts. Seems many are feeling the same thing. Is that good or bad? 
The rally in U.S. markets over the past five-plus years has not only led to a more than 150% increase in the value of the S&P 500 TR Index (from the depths of its lows during the first week of March 2009). It also has left many of our Ultimate Stock-Pickers bereft of ideas about where to put new money to work. As we noted in our last article, the first quarter (and early second quarter) of 2014 was one of the weakest buying environments we have seen since we relaunched the Ultimate Stock-Pickers concept in April 2009. The trend toward fewer and fewer meaningful purchases by our top managers started midway through last year, with the buying activity we were seeing being much more notable for its breadth than for its level of conviction. With many of our managers taking advantage of the run-up in the markets to trim or exit positions that they think have become fully valued, some have opted to funnel the cash back into names that were already held in their portfolios (especially where there is a perceived relative discount to the market).
Maybe TomK is right.
The rally in U.S. markets over the past five-plus years has not only led to a more than 150% increase in the value of the S&P 500 TR Index (from the depths of its lows during the first week of March 2009). It also has left many of our Ultimate Stock-Pickers bereft of ideas about where to put new money to work. As we noted in our last article, the first quarter (and early second quarter) of 2014 was one of the weakest buying environments we have seen since we relaunched the Ultimate Stock-Pickers concept in April 2009. The trend toward fewer and fewer meaningful purchases by our top managers started midway through last year, with the buying activity we were seeing being much more notable for its breadth than for its level of conviction. With many of our managers taking advantage of the run-up in the markets to trim or exit positions that they think have become fully valued, some have opted to funnel the cash back into names that were already held in their portfolios (especially where there is a perceived relative discount to the market).
Maybe TomK is right.
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“While the dividend itself is merely a rearrangement of equity, over time it's more like owning an apple tree. The tree grows the apples back again and again and again, and the theoretical value of the tree doesn't change just because of when the apples are about to fall.” - earthtodan
“While the dividend itself is merely a rearrangement of equity, over time it's more like owning an apple tree. The tree grows the apples back again and again and again, and the theoretical value of the tree doesn't change just because of when the apples are about to fall.” - earthtodan