Romick Not Excited By Market

Top mutual fund manager Steven Romick says he’s “maintaining the status quo” with his portfolio, because he isn’t seeing many enticing opportunities right now. Romick tells Tom Keene on Bloomberg Television’s “Surveillance Midday” that he thinks the market is “not inexpensive” right now, and says he sees a lot of risk to earnings — particularly all-time high profit margins. Corporate debt also doesn’t interest him right now, he says, adding that he has about 30% of his portfolio in cash. He talks about where he’s finding companies that can grow in a tough economic environment, and why he doesn’t get too concerned about day-to-day news and stock fluctuations.