Lewis Altfest’s time in the finance industry spans seven decades. He has some words of advice for investors who aren’t used to stomach-churning stock-price moves.
From his country getaway, Altfest, whose firm manages about $1.5 billion for private clients, had the following advice for long-term investors who may have difficulty waiting through a bear market for better times ahead: “Bears come up to the back deck looking for food. We are not afraid of them. We knock on the back window and they run away. My advice for young people is don’t be afraid of the bear market for stocks! It may take time for the bear to run away, but it always happens.
He said: “We have stayed away from volatility,” which is reflected in the stock-screening methodology below. Screening U.S. dividend stocks Back in January, Altfest said investors were “buying high.” The S&P 500 began the year at a forward price-to-earnings ratio of 21.5 — the U.S. benchmark index’s forward P/E has declined 24% to 16.4 since then.