07-12-2013, 07:52 AM
Exactly, you got it!
I started buying MO in 1998 when there was tobacco litigation issues in the news. IIRC, MO had been $80 and I bought it at $40, $28 and doubled down at $20. I bought more in 2004 and 2008. Now I own it at $7 a share.
I seriously doubt I could have done better buying anything else in my stock universe and MO is almost 10% of my portfolio now, and PM almost 8%. If I'd trimmed either every time they got 1/2% out of whack I'd want to slash my wrists.
So I do the same with the other great companies mentioned earlier. A few months ago I added again to PG at $76.50. Did I like paying $76.50 when I owned it in the low $60's?; heck no but it was the best thing available at the time. Same with WAG just last week at $44.20, but to each his own.
As one prolific young writer who publishes articles with interchangeable titles writes: buy (insert blue chip stock), hold forever and you either get rich or at worst you get a nice dividend stream. He's correct, although the theme has worn me out.
He must have heard me thinking though because the new theme is inflate analysts' forward EPS and historical PE to numbers you like and presto, you're rich!!! And readers love it, YIKES!!
I started buying MO in 1998 when there was tobacco litigation issues in the news. IIRC, MO had been $80 and I bought it at $40, $28 and doubled down at $20. I bought more in 2004 and 2008. Now I own it at $7 a share.
I seriously doubt I could have done better buying anything else in my stock universe and MO is almost 10% of my portfolio now, and PM almost 8%. If I'd trimmed either every time they got 1/2% out of whack I'd want to slash my wrists.
So I do the same with the other great companies mentioned earlier. A few months ago I added again to PG at $76.50. Did I like paying $76.50 when I owned it in the low $60's?; heck no but it was the best thing available at the time. Same with WAG just last week at $44.20, but to each his own.
As one prolific young writer who publishes articles with interchangeable titles writes: buy (insert blue chip stock), hold forever and you either get rich or at worst you get a nice dividend stream. He's correct, although the theme has worn me out.
He must have heard me thinking though because the new theme is inflate analysts' forward EPS and historical PE to numbers you like and presto, you're rich!!! And readers love it, YIKES!!