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Patient Capital October Letter


Parsad
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Vito Maida, who runs Patient Capital, had an interview in the Financial Post which was printed Saturday:

 

http://www.financialpost.com/opinion/story.html?id=0c4200d8-ee15-4aac-ad38-e7ca1449ec72

 

Maida, who left Trimark ten years ago to start Patient Capital, has not had a negative year since inception.  He currently sees that large-cap U.S. equities are reasonable, while remaining very cautious about the markets and economy.  He does not expect a V-shaped recovery.  His October letter can be found here as well:

 

http://www.patientcapital.com/newsletters/newsletter-2009-09.pdf

 

Again, I could not agree more with his sentiment.  Cheers!

 

 

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Maida is always a worthwhile read.  It's amazing to see his record over the last decade while holding such large amounts of cash.  His chart on market capitalization to GDP is probably the driver behind the large cash component in his portfolio. 

 

Opposite of the Hoisington view, he sees inflation rather than deflation as the significant mover of valuations.  He pointedly sees risk in long bonds.  With rising inflation, stock valuations should begin to revert to the long-term mean where cash can be put to work.

 

-O

 

Vito Maida, who runs Patient Capital, had an interview in the Financial Post which was printed Saturday:

 

http://www.financialpost.com/opinion/story.html?id=0c4200d8-ee15-4aac-ad38-e7ca1449ec72

 

Maida, who left Trimark ten years ago to start Patient Capital, has not had a negative year since inception.  He currently sees that large-cap U.S. equities are reasonable, while remaining very cautious about the markets and economy.  He does not expect a V-shaped recovery.  His October letter can be found here as well:

 

http://www.patientcapital.com/newsletters/newsletter-2009-09.pdf

 

Again, I could not agree more with his sentiment.  Cheers!

 

 

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