I think the "turkeys" are flying because recovery plays are in vogue. I've seen some low P/E stocks shoot up simply because the companies didn't cut their dividend.
However, the utilites are also climbing up. They're not moving fast, but their bull runs tend to be durable - particularly the natural-gas ones that don't have a coal cloud hanging over them. I think Mr. Grantham is right about the times changing towards solid, if stolid, blue chips.
I think the "turkeys" are flying because recovery plays are in vogue. I've seen some low P/E stocks shoot up simply because the companies didn't cut their dividend.
ReplyDeleteHowever, the utilites are also climbing up. They're not moving fast, but their bull runs tend to be durable - particularly the natural-gas ones that don't have a coal cloud hanging over them. I think Mr. Grantham is right about the times changing towards solid, if stolid, blue chips.