NEW YORK (Real Money) -- You can't be righteous in this business. You can't be intolerant. It will cost you money. You can't be doctrinaire. It will ultimately cause you to underperform. You can't be oblivious, unless you are so darned rich it doesn't matter.
Yet, I see some sort of righteousness or intolerance every single day in the stock battlefield and I think it's becoming the fog of war that's causing people to accuse this bull market of bogus bona fides on pretty much a daily basis.
So, in the interest of opening people's minds that are already made up and, more importantly, showing you the biases that are masked by righteous indignation, let me spell out what's driving the enmity to a lot of these moves that we are seeing today and why the moves can continue, regardless of these largely intellectual parlor-game challenges.
First, you have to accept the notion that there is no one way for a stock to go from 10 to 20, or 100 to 200, or 300 to 500 for that matter. There are multiple ways stocks move up and that, to some degree, is at the heart of the religious-like intolerance you are seeing and hearing every day. I think people are comparing what they think is the only way a stock should go higher to what really is nothing more than a normative way that stocks HAVE gone higher.
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The righteously indignant want Disney to be valued on earnings growth, dividends and how those earnings and dividends will vary over time. In fact, they are often intolerant of any other prism to value stocks.
Disney, under Bob Iger -- a bankable 21 CEO from Get Rich Carefully, -- has taken this company from a wayward, episodically successful enterprise to one with a consistent earnings stream stemming from the expansion of the un-DVR-able ESPN, the multiplication and enlarging of theme parks and a reliable slate of movies. So, a company that was a bit of a hit or a miss has now become a regular outperformer because of actions taken by Iger, including the purchase of Pixar, Marvel and now Star Wars, which provide for reliable sequels to bolster every quarter.