Why I'm Not Buying Anything Todayhttp://www.fool.com/investing/general/2010/11/01/why-im-not-buying-anything-today.aspx Alex Pape
November 1, 2010
This article is part of our Rising Star Portfolios series.
The short answer: I don't see any screaming buys.
Don't get me wrong; I would love to kick off my Rising Star portfolio with a juicy fat pitch of a stock pick. What better way to ignite the portfolio than to put our money to work on day one?
The thing about fat pitches, though, is they don't come along very often. Charlie Munger, Warren Buffett's investing partner at Berkshire Hathaway (NYSE: BRK-B ) (NYSE: BRK-A ) , claims that if you take away Berkshire's 15 best investments, their investment record will go from world-class to mediocre in a heartbeat. And they've been at it for more than 40 years. To be frank, I refuse to buy something less-than-stellar for the sake of timing it well with the portfolio's launch. I'm about making money for the long term -- optimal publication dates be damned.
But I almost bought ...
Betting on the jockey
Bortz is our jockey, and he has a track record of buying hotels on the cheap and turning them around operationally. After starting the hotel investment division at real estate firm Jones Lang Lasalle (NYSE: JLL ) , Bortz founded his own venture, LaSalle Hotel