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Value Investor Robert Olstein: Market Is Overreacting and His Top Picks
Posted by: Dheeraj Grover (IP Logged)
Date: August 10, 2012 09:59AM
Well-known value investor Bob Olstein, chairman and CEO of Olstein Capital Management, was on CNBC to discuss his views on the stock market, Amazon (AMZN) and why it is going down, and other attractive opportunities in the market. He said markets overreacted in 2009 and are overreacting now too.
Here are the key things he said:
-- You have to be a drunk to buy Amazon.com (AMZN). Valuation is too high and there is no free cash flow
-- It is all about free cash flow, free cash flow, free cash flow.
-- There are much better opportunities in the market yielding much higher cash flow yield and selling a very attractive valuations.
-- Market may head to 1600 (S&P) as earnings are strong and a lot of money is sitting on sidelines due to uncertainty. People as usual are overreacting.
-- He just took a position in Cisco (CSCO) and also likes Bed Bath and Beyond (BBBY), Macy's (M) and Agilent Technologies (A).
Here is the video:
Guru Discussed: Robert Olstein: Current Portfolio, Stock Picks
Stocks Discussed: CSCO, BBBY, AMZN, A, M,