“The big money is not in the buying and the selling, but the sitting.”
Pioneering early 20th-century US investor Jesse Livermore’s words highlight a crucial trait of successful investing: patience.
The bull market born last October should keep delivering worthy returns, but sporadically. Reaping them requires patience, which can be difficult for some.
I’ve long called the market “The Great Humiliator”, and it is up to its old tricks – shaking out the timid with fruitless US Federal Reserve fretting and scary stories of US debt downgrades, China's weakness and more.
Don’t be fooled – this bull market has legs, and it is crucial you don't get scared of it now.
British-American investor Sir John Templeton famously said: “Bull markets are born on pessimism, grow on scepticism, mature on optimism and die on euphoria.”
Today, scepticism pervades. After extreme bearish sentiment throughout 2022 and early 2023, the American Association of Individual Investors’ weekly sentiment survey has largely tilted more sanguine for three months.
Two thirds of surveyed global fund managers now expect a US “soft landing” – slower growth, but no deep recession.
Yet, doubts around Fitch’s US credit downgrade, a eurozone lending slowdown, consumer debt, Chinese deflation and more are capturing headlines.
Many fear that unexpected US economic resilience means higher interest rates for longer – especially after Fed chair Jerome Powell’s Jackson Hole blathering. Reactions to August’s sharp market swings illustrate all this.
Volatility isn’t a flaw in this bull market. It is a feature of all bull markets, which proverbially climb a “Wall of Worry”.
The myriad fears are all bricks in the wall. Small and unimportant on their own, August’s wiggles are a crucial reminder: Stocks’ climbs aren’t linear.
Since 1926, the S&P 500 endured 34 corrections – sharp, sentiment-driven 10 per cent to 20 per cent drops. The median drop: 13.7 per cent. I count 50 dips of 8 per cent or more – about one every other year.
Some bull markets are often tied to FEAR, or False Evidence Appearing Real. The 2009-2020 bull market had six full-fledged 10 per cent corrections (before dividends), including two early doozies – 2010's 16 per cent jolt and 2011’s 19.4 per cent thumping.
Yet, the 2002-2007 S&P 500 rise had just one. The 1990s bull had three – all within one two-year stretch. There is no pattern – corrections strike at any time for any or no reason. Smaller, herky-jerky plunges, too.
Watch: US Federal Reserve raises rates for 10th consecutive time
I am not predicting that now. Short-term swings defy forecasting. But know they happen.
Bull markets are volatile. Recall the roaring late 1990s? The S&P 500 soared 31 per cent, 26.7 per cent and 19.5 per cent in its last three years. Internet exuberance brought rocket ship gains that many recall as easy money.
Wrong. October 1997’s 10.8 per cent three-week nosedive wasn’t easy. Nor the summer of 1998’s 19.3 per cent swoon. Or that three-month, 12.1 per cent gut punch in the back half of 1999.
Headlines heralded the Russian rouble’s implosion, the Asian financial crisis, Long-Term Capital Management’s bankruptcy and Y2K decimation back then. Easy money? Not quite. Sitting still is hard work.
Ken Fisher is the founder, executive chairman and co-chief investment officer of Fisher Investments, a global investment adviser with $200 billion of assets under management.
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
US tops drug cost charts
The study of 13 essential drugs showed costs in the United States were about 300 per cent higher than the global average, followed by Germany at 126 per cent and 122 per cent in the UAE.
Thailand, Kenya and Malaysia were rated as nations with the lowest costs, about 90 per cent cheaper.
In the case of insulin, diabetic patients in the US paid five and a half times the global average, while in the UAE the costs are about 50 per cent higher than the median price of branded and generic drugs.
Some of the costliest drugs worldwide include Lipitor for high cholesterol.
The study’s price index placed the US at an exorbitant 2,170 per cent higher for Lipitor than the average global price and the UAE at the eighth spot globally with costs 252 per cent higher.
High blood pressure medication Zestril was also more than 2,680 per cent higher in the US and the UAE price was 187 per cent higher than the global price.
UAE currency: the story behind the money in your pockets
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Opening weekend Premier League fixtures
Weekend of August 10-13
Arsenal v Manchester City
Bournemouth v Cardiff City
Fulham v Crystal Palace
Huddersfield Town v Chelsea
Liverpool v West Ham United
Manchester United v Leicester City
Newcastle United v Tottenham Hotspur
Southampton v Burnley
Watford v Brighton & Hove Albion
Wolverhampton Wanderers v Everton
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Killing of Qassem Suleimani
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
Why does a queen bee feast only on royal jelly?
Some facts about bees:
The queen bee eats only royal jelly, an extraordinary food created by worker bees so she lives much longer
The life cycle of a worker bee is from 40-60 days
A queen bee lives for 3-5 years
This allows her to lay millions of eggs and allows the continuity of the bee colony
About 20,000 honey bees and one queen populate each hive
Honey is packed with vital vitamins, minerals, enzymes, water and anti-oxidants.
Apart from honey, five other products are royal jelly, the special food bees feed their queen
Pollen is their protein source, a super food that is nutritious, rich in amino acids
Beewax is used to construct the combs. Due to its anti-fungal, anti-bacterial elements, it is used in skin treatments
Propolis, a resin-like material produced by bees is used to make hives. It has natural antibiotic qualities so works to sterilize hive, protects from disease, keeps their home free from germs. Also used to treat sores, infection, warts
Bee venom is used by bees to protect themselves. Has anti-inflammatory properties, sometimes used to relieve conditions such as rheumatoid arthritis, nerve and muscle pain
Honey, royal jelly, pollen have health enhancing qualities
The other three products are used for therapeutic purposes
Is beekeeping dangerous?
As long as you deal with bees gently, you will be safe, says Mohammed Al Najeh, who has worked with bees since he was a boy.
“The biggest mistake people make is they panic when they see a bee. They are small but smart creatures. If you move your hand quickly to hit the bees, this is an aggressive action and bees will defend themselves. They can sense the adrenalin in our body. But if we are calm, they are move away.”
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Global state-owned investor ranking by size
1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
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Company%C2%A0profile
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