Some of Yacktman's observations on the investing climate today:
- When asked about whether it is too late to jump into the stock market rally, Yacktman confuses the Fast Money folks by saying it is too hard for him to make predictions about where the market is going in the short term.
- He does say that he would prefer lower stock prices so he can invest at better valuations.
- When then asked about where the market will be one year out Yacktman further confuses the crew by saying he doesn't make market predictions but only buys stocks based on valuation.
- His favorite stock today is Proctor and Gamble (NYSE:PG) which he thinks is like a triple-A bond.
- On a relative basis (to the long-term Treasuries) Proctor and Gamble looks great; on an absolute basis it looks less good.