You Don't Have to Be Sick To Own HMOs
You want to buy straw hats in the winter. This sums up an important kernel of successful value investing: making decisions (buying and selling) that are unpopular at the time. (Of course, one has to make sure that, due to global climate change, winter is not swiftly followed by an ice age. In the case of the stocks I am about to discuss, today is winter and the summer will come again.)
In the following article that I wrote for Forbes.com I describe why we believe that HMO stocks like United Healthcare (UNH) and Well Point (WLP) (we own both) are incredible buys. Stocks had a small run since I wrote it, but their valuations are still compelling.
I am the CEO at Investment Management Associates, which is anything but your average investment firm. (Seriously, take a look.)
I wrote two books on investing, which were published by John Wiley & Sons and have been translated into eight languages. (Even in Polish!)
In a brief moment of senility, Forbes magazine called me “the new Benjamin Graham.” (They must have been impressed by the eloquence of the Polish translation.)
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