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Go To Page: 1 2 3 4 5 6 7 8 9 10 NEXT >> LAST (Total: 28 Pages) Robert Hagstrom (Buys Sells HoldingsIndustry Weightings) Robert G. Hagstrom: Who’s afraid of a sideways market? March-10-2010 For the last 25 years, investors have experienced two types of stock markets — bull and bear — that either went up or down over a multi-year period. But there is a third type of market, with which many investors today are not as familiar. It is called a “sidewinder,” and it produces a sideways market — one that barely changes over time. More... Richard Pzena (Buys Sells HoldingsIndustry Weightings) Richard Pzena Q4 Commentary: The Emerging Markets Value Advantage March-10-2010 We found evidence that the value advantage in the emerging markets is still intact based on today's valuation spreads, which show a 55% discount of the cheapest quintile to the average for the emerging markets regional index. Our expectations for value outperformance in emerging markets going forward should be more in line with that experienced in developed markets, as opposed to twice the advantage realized historically, due to the spread convergence we discussed earlier. An added advantage, however, is the ability to access a universe of potentially higher growth companies in the emerging markets for valuations similar to those of developed markets. More... John Hussman (Buys Sells HoldingsIndustry Weightings) John Hussman: The Rubber Hits the Road March-8-2010 In the January 11th comment Green Shoots Weak Roots, when the S&P 500 was slightly higher than it is at present, I noted More... Daniel Loeb (Buys Sells HoldingsIndustry Weightings) Investment Outlook from Third Point's Dan Loeb March-4-2010 We are relatively constructive about markets generally in light of modest valuations, accommodating monetary policy and economic data which suggest growth from the pre- More... Charles Brandes (Buys Sells HoldingsIndustry Weightings) Brandes Institute: Inflation vs. the Value Investors March-4-2010 The threat of inflation is making some investors cautious about equity markets. They wonder, ‘‘How will it affect my portfolio?’’ Benjamin Graham, widely regarded as the father of value investing, addressed this question in his book, The Intelligent Investor. He wrote, ‘‘There is no close time connection between inflationary (or deflationary) conditions and the movement of common-stock earnings and prices.’’ More... Steven Romick (Buys Sells HoldingsIndustry Weightings) Steven Romick Quarterly Shareholder Letters March-4-2010 If you close your eyes, it’s almost as if 2008 didn’t happen...almost. Last year, we were writing of market declines not seen in most of our lifetimes. We now flip the page and, in stark contrast, the horror novel has become a harlequin romance as investors’ fears have turned into an illicit love affair with risk assets. The S&P 500 fell 51.5% from its May 2008 peak through its March 2009 trough, but then returned 67.8% through December, to end the year up 26.5%. (Maybe it’s an adventure novel.).1 Crescent, increased 5.3% for the fourth quarter, and 28.4% for 2009 and, in doing so, successfully earned back its 2008 losses. We are pleased to report that in the most recent two-year period of tremendous volatility, Crescent increased 2.0%, while the S&P 500 declined 20%, both returns More... John Hussman (Buys Sells HoldingsIndustry Weightings) John Hussman Semi-Annual Report and Shareholder Letter March-1-2010 As we enter 2010, the most important headwinds facing the U.S. stock market are rich valuation and continuing credit risks. Market valuations are certainly better than they were at the market peak in 2000. However, the S&P 500 Index ended 2009 at valuations which are characteristic of those found at prior market peaks including 1972 and 1987. From such valuations, durable market returns have typically not emerged, so whatever merit there might be in accepting market risk is decidedly speculative and short-term. More... Bill Gross (Buys Sells HoldingsIndustry Weightings) Bill Gross: Don't Care March-1-2010 Investors should obviously focus on those sovereigns where fundamentals promise lower credit or inflationary risk. Germany and Canada are amongst those at the top of our list while a rogues’ gallery of the obvious, including Greece, Euroland lookalikes, and the U.K. gather near the bottom. PIMCO’s “Ring of Fire” remains white hot and action, as opposed to cocktail blather, is required to maintain or regain trust in sovereign credits approaching the rocks. Just last week Bank of England Governor Mervyn King said that it would be difficult to cut government spending quickly, but that there needs to be a clear plan for doing so. Not good enough, Mr. King. Don’t care. Show investors the money, not vice-versa. An investor’s motto should be, “Don’t trust any government and verify before you invest.” The careful discrimination between sovereign credits is becoming more than casual cocktail conversation. A deficiency of global aggregate demand and the potential impotency of policymakers to close the gap are evolving into a life or death outcome for the weakest sovereigns, with consequences for credit and asset markets worldwide. More... John Hussman (Buys Sells HoldingsIndustry Weightings) John Hussman: Notes on a Difficult Employment Outlook February-22-2010 Following the January employment report, I noted that "If we get perhaps a month with about 400,000 or fewer weekly new claims for unemployment, that is about the point where we would expect positive prints for monthly job growth, on average. Even then, however, the difficulty will be speed of recovery. I am hopeful for a stabilization of the job market, but that I suspect that last month's dip in the unemployment rate was an anomaly. Given what remains a difficult credit outlook, I suspect that we have observed a lull rather than a reversal, and that we'll most likely see an 11-12% unemployment peak before a sustained downturn is observed." More... John Hussman (Buys Sells HoldingsIndustry Weightings) John Hussman: The Federal Reserve's Exit Strategy: Unlegislated Bailout of Fannie and Freddie February-16-2010 As of last week, the Market Climate for stocks was characterized by unfavorable valuations and unfavorable market action. The Strategic Growth Fund is fully hedged. Given our current position, the primary driver of day-to-day fluctuations in Fund value is the difference in performance between the stocks held by the Fund and the indices we use to hedge. While this performance differential has been the primary contributor to the Fund's long-term returns, it can be both positive or negative on a day-to-day basis. More... John Hussman (Buys Sells HoldingsIndustry Weightings) John Hussman: Cautiously Pessimistic February-8-2010 Three weeks ago, I noted that market conditions were "characterized by overvaluation, overbought conditions, overbullish sentiment, and upward pressures on yields - a situation that has historically been associated with a moderate continuation of upward stock market progress and a tendency to make successive but very marginal new highs, typically followed by abrupt and often severe market losses within a time window of about 10-12 weeks. As usual, that's not a forecast - just a regularity. But it's a harsh enough regularity to turn our knuckles white here, given the depressed and complacent level of the CBOE volatility index (VIX) and the little-observed upward pop in credit default spreads last week." More... Bill Gross (Buys Sells HoldingsIndustry Weightings) Bill Gross: The Ring of Fire February-3-2010 Investment management is a privileged profession – not just for being paid by X-times what you’re really worth to society, but from the standpoint of longevity. If you’re good, and you at least give the impression that you still have most of your faculties, you can literally hang around forever. James Carville, the well-meaning but evil-lookin’ guy from the Clinton Administration once remarked that in his next life he’d like to come back as a bond manager. He had part of it right – the influence, the wealth, and even fame – but there was no need to imagine himself as some cryogenically preserved Wall Street version of Ted Williams – he was young enough at the time to make the leap and still have a 20-year career ahead of him. Other professions do not afford such opportunities – the gold watch at 65 is not only symbolic, but a statement in most professions that says you are more or less washed up. Athletes have at most 20 years and musicians seem to have that brief window of creation as well. The Beatles, for instance, were done after a decade’s time. Paul is still writing songs, but the magic clearly disappeared in the 70s and now his concerts are “garden parties” More... John Hussman (Buys Sells HoldingsIndustry Weightings) John Hussman: Reported Earnings versus "Owner Earnings" February-1-2010 Over the years, I have frequently emphasized that stocks are not a claim on "forward operating earnings." They are not even a claim on reported net earnings (and should not be valued as a blind multiple to a single year's results in any event). They are a claim on a very long-term stream of future cash flows that will actually be delivered to investors as dividends, or retained on their behalf as an increment to the book value of the company. More... Bruce Berkowitz (Buys Sells HoldingsIndustry Weightings) Bruce Berkowitz Shareholder Letter January-29-2010 For the calendar year 2009, the Fund increased by 39% while the S&P 500 rose by 26.46%. Since inception, the fund is up 252.98%. More... Tweedy Browne (Buys Sells HoldingsIndustry Weightings) Tweedy Browne Commentary: Stocks today in general appear to be fairly to fully valued January-28-2010 With global equity markets up approximately 73%(MSCI World Index) from the market bottom in early March of last year, stocks today in general appear to be fairly to fully valued. That said, from our perspective, it is more a market of stocks and not so much a stock market with some stocks more attractively priced than others. As with previous stock market collapses, the bounce off the bottom was led by lower quality stocks, those that suffered the worst declines during the downturn. While most stocks were up nicely for the year, steadier, higher quality businesses, particularly those that pay a dividend, significantly underperformed lower quality non-dividend paying issues, and today we believe offer investors much better value. For example, in 2009 the 370 stocks in the S&P 500 that paid some kind of a dividend were up 27.7% on average versus a return of 82.4% for the stocks that did not pay a dividend. The same held true for global equities with the stocks that pay a dividend in the MSCI World Index up 32.3% versus a return of 75% for the stocks in the index that did not pay a dividend. In general, the higher the dividend yield the lower the return in 2009. As we got closer to year-end, More... Ron Muhlenkamp (Buys Sells HoldingsIndustry Weightings) Ron Muhlenkamp 1Q01 Quarterly Letter January-27-2010 In 2009, we had a good year. More... Bill Gates (Buys Sells HoldingsIndustry Weightings) 2010 Annual Letter from Bill Gates January-27-2010 This is my second annual letter. The focus of this year’s letter is innovation and how it can make the difference between a bleak future and a bright one. More... Bill Miller (Buys Sells HoldingsIndustry Weightings) Bill Miller: 2010 will be a good year for stocks, and a challenging one for bonds January-26-2010 “In reality, those who repudiate a theory that they had once proposed, or a theory that they had accepted enthusiastically and with which they had identified themselves, are very rare. The great majority of them shut their ears so as not to hear the crying facts, and shut their eyes so as not to see the glaring facts, in order to remain faithful to their theories in spite of all and everything.” More... Seth Klarman (Buys Sells HoldingsIndustry Weightings) Seth Klarman Shareholder Letters January-26-2010 This is a collection of some of the earlier Seth Klarman Shareholder letters. More... Chuck Akre (Buys Sells HoldingsIndustry Weightings) Chuck Akre Q4 Shareholder Letter January-25-2010 Currently, the arguments are well formatted outlining the bleakness of the prospects facing us over the next decade, as are those which foretell a greater than expected growth in our GDP starting almost immediately. We have no opinion on the merits of all these arguments, as we find ourselves easily swayed by both views at times. More... Go To Page: 1 2 3 4 5 6 7 8 9 10 NEXT >> LAST (Total: 28 Pages) If you like this page, you will love Our Premium Membership, Take a Free Trial. User Notes, Comments, and Questions Add Notes, Comments or Ask Questions »3 weeks ago, by Maine101
Where do you see AMERICAN APPAREL (APP) in the next 2-4 years? Add Notes, Comments or Ask Questions: If you like this page, you will love Our Premium Membership, Take a Free Trial.
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