Miller Value Partners founder Bill Miller does not see the market as overvalued, according to a recent CNBC article. “If you look at the overall market,” Miller said, “we’re trading…
Howard Marks Says Distress Coming, Fed Support Isn’t Forever
Oaktree Capital co-chairman Howard Marks says that while the Fed’s efforts have bolstered debt prices, the support is temporary and credit markets will become distressed when the Fed support lets…
Hedge Fund Managers’ Best Ideas Not Better Than Others
A new study of the stock-picking results of nearly 1,500 hedge funds over a 20-year period found that managers’ highest-conviction ideas are not necessarily better than any others. This according…
The Pandemic Impact on Berkshire Hathaway
A recent Morningstar article offers insights from senior analyst Gregg Warren regarding the impact the pandemic will have on Berkshire Hathaway. Here are some highlights of Warren’s comments: It is…
Excess Returns, Ep. 24: The Pros and Cons of Factor Timing
We are all trained to buy low and sell high, and it is tempting to conclude that we can do the same thing with factors. But the research suggests that…
Respected Model Flashes Bullish Stock Outlook
The Value Line Investment Survey, a respected market timing model that “has an excellent track record predicting the market’s return” is predicting that the median U.S. stock will “produce an…
Small Caps’ Collapse and What’s Behind It
A recent article in CityWire examines why the small-cap Russell 2000 index has underperformed its large-cap counterpart over the long-term, contrary to the widely accepted view introduced by Nobel laureates…
Sam Zell: Pandemic to Permanently Scar Economy
Billionaire Sam Zell, known for buying distressed real estate, said the coronavirus pandemic will impact the economy the same way the Great Depression did 80 years ago, with lasting changes…
Famous Poker Player Helps Investors Play Tough Hand
In recent interview with Barron’s, award-winning poker player Annie Duke shares insights about how investors can remove emotions from decision-making and “how global markets are really just one giant poker…
Ask Which Market Your Fund is Beating
In a recent Wall Street Journal article, columnist Jason Zweig highlights and questions the fee practices of a Putnam Investment mutual fund, noting that the interests of fund managers and…