Martin Conlon, one of our great contrarian investors and the head of Australian equities at Schroders, subscribes to Warren Buffett’s theory of stock selection: only buy a stock if you’d be happy to own it if the market was closed for the next five years.
In a world gone mad for earnings momentum and chasing the next bubble, and where Conlon argues equity market pricing is less efficient than it was a decade ago, he wonders how many investors remember Buffett’s maxim.
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