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Go To Page: 1 2 3 4 5 6 7 8 9 10 NEXT >> LAST (Total: 28 Pages) 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... John Hussman (Buys Sells HoldingsIndustry Weightings) John Hussman: A Blueprint for Financial Reform January-25-2010 Note - The reprieve of recent quarters may create a misleading impression that there is no urgency to the issues faced by the U.S. economy, but as noted below, the likelihood of fresh mortgage losses and credit difficulties is high. Few reforms have been enacted that would make a second wave of difficulties any different from the first. The following would provide the U.S. with broader policy options. To the extent that these points are consistent with your own views, feel free to forward it to others, including representatives in the House and Senate . It remains important to get this right sooner rather than later. The social cost of misallocating trillions of dollars is difficult to overstate. – JPH More... John Hussman (Buys Sells HoldingsIndustry Weightings) Inflation Myth and Reality January-19-2010 The past two years have seen an enormous issuance of new government liabilities. During the two years ended September 30, 2009, the amount of U.S Treasury debt held by the public (outside of agencies such as the Social Security Administration and the Federal Reserve) surged by more than 50%, from $5.05 trillion to $7.55 trillion. During that time, the Fed's holdings of U.S. Treasuries actually shrank by about $10 billion, yet the Fed has explosively increased U.S. monetary base from $850 billion to $2.02 trillion, fueled by massive purchases of Fannie Mae and Freddie Mac's mortgage-backed securities. On Christmas eve, the Treasury quietly announced that it would be providing unlimited bailout funding for Fannie and Freddie over the next three years, since the underlying cash flows received by Fannie and Freddie on these mortgages are not sufficient to keep the agencies solvent. More... William Hester (Buys Sells HoldingsIndustry Weightings) William Hester: A View from the NBER Recession Indicators January-18-2010 The Business Cycle Dating Committee of the National Bureau of Economic Research (NBER) sets the official dates for the beginning and end of recessions. One might imagine that these are not exciting meetings, but the next few may be livelier. That's because the major indicators they follow to determine whether the economy is in expansion or is contracting are sending off conflicting messages. One of the major indicators that the group follows is consistent with an economic recovery. One is unimpressive, but not strongly at odds with a recovery. The two remaining indicators imply that the economy may still be in recession. More... Ken Fisher (Buys Sells HoldingsIndustry Weightings) Ken Fisher Forbes Column: This should be a great time to own stocks January-15-2010 This should be a great time to own stocks. But we forget long-term lessons and think about the recent past.More...Bob Dole (Buys Sells HoldingsIndustry Weightings) BlackRock 1Q10 Investment Directions January-13-2010 Our summary view of the equity markets is that the bull market that has been in place since March 2009 is likely to continue, but that gains will be harder to come by. This bull market is in the process of shifting, from one being driven by the influx of liquidity and P/E improvements into an economic-recovery- and earnings-driven phase. In this latter type of environment, gains tend to be less robust and markets experience more setbacks along the way. More... Donald Yacktman (Buys Sells HoldingsIndustry Weightings) Don Yacktman Q4/2009 Commentary; Fund up 60% in 2009 January-11-2010 In 2009 The Yacktman Fund and The Yacktman Focused Fund appreciated 59.31% and 62.76% respectively, compared to the S&P 500 which appreciated 26.46%. For the decade, The Yacktman Fund increased 207.86% and The Yacktman Focused Fund rose 205.67% compared to the S&P 500 which declined 9.1%. The annualized return from 2000‐2009 was 11.91% for The Yacktman Fund and 11.82% for The Yacktman Focused Fund compared to the S&P 500’s ‐.95% annual result. More... John Hussman (Buys Sells HoldingsIndustry Weightings) John Hussman: Green Shoots, Weak Roots January-11-2010 On Friday, the Labor Department reported a loss of 85,000 in nonfarm payrolls, coupled with a net downward revision of 1000 jobs over the preceding two months. While that job loss was considered a negative surprise, the only real surprise is that the consensus expectation was for positive growth in nonfarm payrolls in the first place. As I noted last month, a sustained move to fewer than 400,000 new weekly unemployment claims over more than 4 weeks or so is probably where we would expect to observe predictable job growth. More... Kenneth Fisher (Buys Sells HoldingsIndustry Weightings) Ken Fisher: A Grateful Dead Year January-6-2010 2009 was a textbook case of how stock markets are supposed to react to big bear markets and recessions.As the Grateful Dead used to sing, "what a long, strange trip it's been." When I started in this industry, 38 years ago, classy firms like Disney and DuPont sold at 40 times earnings. These were "one decision" stocks--supposedly so reliable that you could make a decision to buy them and just put them away in a safe deposit box forever. This era of glamour stock investing was followed by a decade of negative returns. And then, just as most Americans had given up on stocks, there began an almost unparalleled 18-year run for stocks. More...Bill Gross (Buys Sells HoldingsIndustry Weightings) Bill Gross: Let's Get Fisical January-6-2010 Quixotic journeys often make for great literature, but by definition are rarely productive. I am, after all, referring to windmills here – not their 21st century creation, but their 17th century chasing. Futility, not productivity, was the ultimate fate of Cervantes’ man from La Mancha. So it is with hesitation, although quixotic obsession, that I plunge headlong into a discussion of American politics, healthcare legislation, resultant budget deficits and – finally – their potential effect on financial markets. There will be windmills aplenty in the next few pages and not much good can come of these opinions or my tilting in their direction. Still, I mount my steed, lance in hand, and ride forward. More... Robert Shiller (Buys Sells HoldingsIndustry Weightings) Robert Shiller: Why We’ll Always Have More Money Than Sense January-1-2010 When it comes to market bubbles and how they are created, very little, if anything, has changed. This is because human psychology has not changed. Massive bubbles are created when large numbers of people buy into "new era" stories that exaggerate how much the world has improved. For example, in the past few years the global equities and housing bubbles were driven by a giddy faith that world markets were on a tear and prices would go up indefinitely. Our animal spirits are sparked by these tales; we find them irresistible. And since as animals we're also given to a herd mentality, in a bubble we tend to invest too much in the most popular stories—and continue to do so even after the bubble bursts. 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 »4 months ago, by Fsyed
Hi Joel- This is Fazal Syed. Played tennis with you in East Hapmton in the summer of 2001. Not sure if you remember me, I'm living in Philadelphia now. Would love to connect with you. I just saw your book, I was doing a research and your name popped up so I googled you. You are quiet the legend and you kept a very humble way. My email is fsyed001@gmail.com. In case you can't remember me, I was from India and played on the Indian Davis Cup team eons ago. Once again would love to connect with you. Regards, Fazal fsyed001@gmail.com Add Notes, Comments or Ask Questions »4 months ago, by Fsyed
... 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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