Investment pearls
Kenneth L. Fisher, a California-based money manager, is the seventh-longest-running columnist in Forbes' history. In his May 17 column, Fisher collated some ideas from Joe Goodman who began a 23-year writing tenure with Forbes in 1935. Goodman, he says, "knew that bull markets have long, rolling tops, and bear markets are painfully slow." He would not call a peak until three months after it he thought it had happened. "When will that be?" Fisher says. "I don't know. I'm thinking that it won't be until 2001. But I could be wrong. Until then, Goodman's three month rule will keep us where we should be." ( http://www.forbes.com/fisher - click on archives and then Not your average Joe)

"Classic Goodman pearls:
1. Don't be a bull or a bear all the time.
2. There is a time to buy, a time to sell and a long time to do nothing.
3. Never buy a stock that didn't rise in a bull market. Smart guys are out of it.
4. Don't buy a sympathy stock. Don't buy a weak railroad because a strong one has started to move. Everyone does this and it is rarely profitable.
5. When a bull market peaks, sell the stock that rose the most. It will fall fastest. Sell the stock that rose the least. It didn't rise, therefore it must fall.
6. Early in a bear market the high class stocks show the most class.
7. In a high market, confine yourself to high-quality stocks."

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