CorpRaider

Buying BAC-WTA, eh?

I totally tried to respond with the GIF with peter griffin from family guy trying to dive into coins like scrooge mcduck, but I failed miserably. I am getting old.

The U.S. "market" doesn't seem especially cheap to me based on CAPE, Tobin's Q, Trailing P/S, P/B, etc...

They have some additional overlays in addition to the (float adjusted) market cap.

This thread delivers. The S&P active managers are the best marketers no doubt. Also, if I had only sold my I2 technologies in 99, I could have my man servant type this.

To me this is really just a permutation of the "lack of breadth," "FANG," momo outperformance, cyclicality of the value premium discussion that has been raging for the last year or three. Most of those guys (at least the value tilted etfs I listed) will probably look a lot better a few years hence, just like they did a few years ago, of course the average investor in their funds will probably underperform the index.

I prefer a slightly left of center commander in chief and a right of center (perhaps more slightly right than recently) house of reps. That way we are less likely to go play in the sandbox with our toys (or even in Europe, as in Serbia under Clinton) and we've got some tension to perhaps control spending (including tax spending via cuts, credits and loopholes). Basically, a Clinton and Gingrich dynamic; after the shutdowns.

Just a few more data points re: 2015 that we all probably know: IUSV (4.15%) IWD (4.0%) VLUE (3.66%) VTV (.96%) VBR (4.67%) RPV (8.42%) QVAL (13.47%) But I bet it feels a lot better to pay .20% and get smoked than 2/20.

His hair has platform value for days...

Doesn't work in fallujah. dun dun dun. You have to get thousands of your friends to surge after you lose to fix it. dun dun dun.

I've got firearms and ammo. Why do I need cash?

Gundlach is one of the only guys worth listening to on macro stuff and he always talks in terms of probabilities, likelihood.

VER?

Thanks for the info. What about the FT? Any Americans (not necessarily focused on becoming more worldly via a newspaper) care to share their feedback? I really wish Bloomberg had purchased them and just beefed up the US edition. Too much non business reporting and opinion stuff in WSJ for my tastes now.

Yeah, can never say for certain but could have been another Rick Guerin. Rich but not famous.

Merry Christmas!!

Yup.

That's interesting but wasn't really my point here. My point was that Whitman underperforms value indexes. So if hes got a greater factor exposure to hml or perhaps another better value metric then his underperformance should be even greater then the value index with its inherent contra factor weighting due to the float adjusted cap weighting mechanism. Really perhaps more interesting point w/r/t goldfarb 10 and other threads. The real estate fund has carried this shop for as long as i can remember.

https://theirrelevantinvestor.wordpress.com/2015/10/26/historic-underperformance/

Seeing a lot of these sorts of articles kicking dirt on value managers and value exposures, which don't have the inherent glamour/momentum tilts in market cap index weighted funds. Seems a likely contrarian indicator as much as anything. Most of them were beating or hanging with the index funds until the most recent ~ 4 years which have really rewarded any momo or leveraged idiot. I suspect the funds that survive the next five will look a lot better at that time (but I'm not about to starting paying them 2% per annum with less tax efficiency while I wait to find out!).

I don't know why he's coming out with this stuff. This is not how he made his money and he used to emphasize that before responding to some boring repetitive question from whatever financial journalist was asking him for his view on "the market."

WMB

Wouldn't a "true" outsider CEO seek to diversify out of the cyclical, commodity industry like WEB did with textiles? I believe XOM, KMI and CHK, given its shareholder base, will at least attempt to exercise discipline and focus on returns on capital.

Strikes me as kind of odd. Wasn't PSX around $74 when they disposed of 19 million shares, less than two years ago?

It's all weird. I guess the QE is ending up almost totally offset in terms of money supply (or the impact thereof on the economy) by the building of capital on the banks' balance sheets.