When the Story Changes, Be Alert

There is an axiom in investing that when the story changes, pay attention. As an example, if a company changes their focus, reconsider your investment. Over the last several years, the economic story has been consistent: Strong employment growth, steady economic growth (solid given demographics), low inflation, and an accommodative monetary policy - with no fiscal stimulus. I noted several times that the future was bright , and in late 2016, I pointed out that the cupboard is full . With minimal policy changes in 2017, and a stronger global economy, the US economic expansion continued, pretty ......(read more)

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