Investing Club: It's traders vs. investors — and investors like us are here to fight, not flee
That's how I feel about the instant negative reaction to Best Buy 's quarterly numbers the other day and subsequent vindication, as well as the double-digit percentage drop in the stock of Dick's Sporting Goods after earnings versus Wednesday's nearly 10% increase at the close. Quite a trough to peak type of day. It's not just retail. We saw a similar instantly wrong reaction in the stock of Toll Brothers after its breathtakingly strong earnings report.
Now the instant rebounds we saw I think reflect the notion that it is worth the risk not that we will avoid recession — that's not even possible or we would not get single-digit multiples — but that we will avoid the "doozy." Your equity can be protected if your company makes things or does stuff and returns capital to shareholders via dividends, buybacks or both, while also selling at reasonable prices.
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