Phillip Morris International: Undervalued By 20% Or More

By The Independent Investor:The S&P 500 and its tracking exchange traded fund, SPDR S&P 500 Trust ETF (SPY), has rallied nearly 20% from the market lows of last year, and stocks such as Apple are up over 30% this year alone, but the recent sell-off has been brutal.

By The Independent Investor:What a month for cyclicals. While the S&P 500, and its tracking exchange traded fund, SPY (SPY), has rallied over 20% since the summer lows of last year, and market leaders such as Apple (AAPL) are up over 30% this year, the sell-off since April has been brutal.

By The Independent Investor:Well, the market is going straight up.

By The Independent Investor:Wow, why own any stock if it doesn't pay a dividend? While the S&P 500, and its tracking exchange traded, fund, SPY (SPY), is up over 15% for the year, and stocks such as Apple (AAPL) are up over 30% in the last year, the recent sell-off has been brutal.

By The Independent Investor:Wow, why own any stock if it doesn't pay a dividend. While the S&P 500 and its tracking exchange traded fund, SPY (SPY), has rallied nearly 20% from the market lows of last summer, and stocks such as Apple (AAPL) are up over 30% in the last year, the recent sell-off has been brutal.

By The Independent Investor:The market refuses to go down.

By The Independent Investor:Multi-year industry trends seldom reverse overnight. When major companies have significant market share and strong revenue growth, usually traders and investors realize all too late when a company's momentum and sales growth begins to slow.

By The Independent Investor:Wouldn't it be easy if investing was as simple as back testing? The analyst and brokerage community would be defunct, the market would rarely be mispriced, and we could all rely on Microsoft Excel and a couple other simple computer programs to make the best investment decisions.