For Brian, the approach is simple. Go for the more easily accessible treats on the bottom tier first, then work his way up.
The thing about Brian, you see, is there’s always the risk he gets a bit impatient to eat everything and next thing you know the toy topples and the treats fly out in all directions.
With this my thoughts turn from cats to bears, not the cuddly ones though. Crispin Odey, Sebastian Lyon and the like make a convincing argument that markets are on the verge of collapse like Brian’s game – when greed takes over, the wise take cover.
As I sit gazing at my furry friend’s efforts, I’m struck by a similarity to the stock pickers I write about on a daily basis. You know, go for the ‘low-hanging fruit’ first – the index stalwarts, the rising dividend stocks or the best value opportunities – and then the real skill comes into play when things get a bit more taxing.
For professional investors like, ahem, SHAM this risk debate causes headaches, especially while we’re constantly hearing about where the real bargains remain.
Of course, there are also the cool cats who make perfectly good arguments to suggest markets continue to climb higher for the foreseeable future.
There’s the case to be made for European equites, for example, or Japan or even commodity related stocks.
