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Graham & Doddsville: Interview with Howard Marks (Oaktree Capital), Fall 2017 Any new thoughts on market psychology these days? First, you look at valuations – P/E, yields, yield spreads, transaction multiples, cap rates – and you ask “are they high or…
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Wedgewood Partners 3Q17 Letter: The Bull Market in Everything, October 2017 Review and Outlook Gained 4.8% during 3Q17 vs. Russell 1000 Growth Index of 5.9% and S&P 500 of 4.5% Significant driver of market’s advance has come from the remarkable run of…
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Jeffrey Gundlach is the founder of DoubleLine Capital, a fixed income fund headquartered in Los Angeles with over $109 billion of AUM as of June 30, 2017. Jeffrey Gundlach started out his career with a stint at Transamerica and became an investment…
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“When you first start to study a field, it seems like you have to memorize a zillion things. You don’t. What you need is to identify the core principles – generally three to twelve of them – that govern the field. The million things you thought you had to…
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Kopernik Perspective, August 2017 Approaching ten years of accommodating monetary policy around the world. At this point, we can agree that the central banks have been brilliant in convincing the average citizen it is a positive to increase credit and…
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Art Berman, Labyrinth Consulting Services – Putting the Permian Basin in Perspective: Tight Oil & The Long-Term Debt Cycle, September 27, 2017 Putting the Shale Revolution in Perspective 1st Bubble 1974-1980: oil shocks and price increase from $23 to $117…
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GMO White Paper: China’s Rising Presence in Emerging Debt Markets, September 2017 China’s Increasing Presence in the Asset Class Since the GFC in 2008, China boosted growth through a debt-financed investment spending binge. Aggregate debt-to-GDP ratio has…
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Rockefeller & Co. Third Quarter 2017 Global Foresight The Charging Bull Eight plus years into the market recovery, we see valuations extended as most of the gains since 2014 have been driven by multiple expansion rather than earnings growth Current equity…
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Investing is often described as the process of laying out money now in the expectation of receiving more money in the future At Berkshire, we define investing as the transfer to others of purchasing power now with the reasoned expectation of receiving…
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Goehring & Rozencwajg Associates 2Q17 Market Commentary, July 21, 2017 Market Commentary S&P North American Natural Resource Sector Index, which has a high weighting to North American oil and gas stocks, declined 7.2% during the second quarter (down 11.2%…
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