Investing in Hell with Chris Davis
The Selected and Clipper manager reflects on the notion that you make most of your money in a bear market, you just don't realize it at the time.
Investors should be careful what they wish for, said Selected American Shares (SLASX) manager Chris Davis at the opening keynote address of the 2009 Morningstar Investment Conference. He speaks from experience.
Throughout his career Davis said he often envied his grandfather and father, legendary investors Shelby Cullom Davis and Shelby M.C. Davis, for having lived and worked through severe bear markets that allowed them to buy great companies at bargain prices and set themselves up for years of strong returns. As Shelby Cullom Davis told his grandson, "You make most of your money in a bear market, you just don't realize it at the time."
"Now I finally got my chance and it feels like Hell," Chris Davis said during Wednesday's address.
Dan Culloton has a position in the following securities mentioned above: CFIMX. Find out about Morningstar’s editorial policies.