February 16, 2012 Comments

The Dow and the TSX were both up 123 points today, or 1.0% each. Bank of America was up 4.0%, Microsoft was up 4.1% and Boston Pizza was up another 1.7%. Stantec was up 5.0% today after instituting a dividend for the first time. And FirstService was up 5.3%.

As I have said in the past, to the brave go the spoils. Over the past few years a large percentage of people shunned the market due to their fears. But, as of now at least, it looks like it was yet another example that it was wise to follow Buffett’s advice and “be greedy when others are fearful” (and vice versa). Those who do nothing but moan about the markets and complain about it being manipulated and on and on tend to stay out of stocks and to not do nearly as well in the long term.

Basically I feel good about the markets right now, although of course it only takes a few days of losses of to add a tinge of nervousness to the equation. Markets are rewarding, but they are not for the faint of heart or those who can’t stomach losses, even temporarily.

 

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