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How To Invest

WHEN MARKETS ARE DETACHED FROM


THE REAL ECONOMY
“We’re Still In A Bull-Market”

- FINANCIAL MEDIA
“The Stock Market Is Not The
Economy.”

- FINANCIAL MEDIA
“While the stock market is not the
economy, the economy is where
corporate revenues & profits come
from.”

- LANCE ROBERTS
“Valuations are often dismissed in the
short-term because there is no
immediate impact on price returns. By
its very nature valuations are horrible
market timing devices.”

- LANCE ROBERTS
“In an over-valued, extended and
deviated market, the focus on risk
control must take precedent over
capital appreciation.”

- LANCE ROBERTS
THE RULES
Where To Invest
1. Buy companies that have the
ability to generate revenue in a
slow-growth economic cycle.
2. The focus on growth will
continue to dominate value for
now. (Eventually that will
change.)
3. Bonds are still, and will
continue to be, in a bull market
in the future as long as the
Fed is active.
4. Buy what the Fed buys. (MBS,
& Treasuries)
Be Cautious Of
1. Companies that appear to be a
“value” but are actually
“Zombies” in disguise.

2. Most “value” companies are


going to have difficulty
generating revenue growth in
2021 as the recovery lags.

3. International & Emerging


Markets will struggle with
recovery. (Watch the Dollar)

4. High Yield Debt. Know what


you own.
Trading Rules
1. Sell Laggards & Losers

2. Take Profits When Positions


Become Extended.

3. Rebalance Allocations To
Control Risk.

4. Don’t Be Afraid To Hold Cash

5. Fixed Income Still Provides A


Hedge.

6. If You Don’t Know What To Do,


Do Nothing.

7. Don’t Lose Your Capital


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