Buy High, Sell Higher—Beat the Market?
Dan Shaffer, CEO of Shaffer Asset Management in Harrison, N.Y. (www.shafferasset.com), has amassed more than $20 million in assets from high-net-worth clients despite an investment strategy that would send most people running for the hills: He buys only stocks that are at or near their 52-week highs. BusinessWeek's Tara Kalwarski asked Shaffer how his stock investment program (which he runs as separately managed accounts) managed to return an average 7.43% a year since inception, vs. the S&P 500's 1.11%.
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