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Global stocks retreat on rising second wave fears

BTV Simulcast

02:06 min | 2 weeks ago

Global stocks retreat on rising second wave fears

"Asian stocks and U. S. equity futures they are under pressure still US states including Texas Florida and Arizona they have reported a jump in cases China has ramped up efforts to stem a growing virus outbreak in Beijing where schools are closed and more than twelve hundred flights were canceled and HM and meat packing plant was or two shots after hundreds of workers became infected I think to a string of our breaks and European slaughterhouses so I guess now is been a sun goeth in easy managing director and multi assets portfolio manager and principles global investors been a while going to the program the folks in Beijing the government they're making it clear that the capital city has not been locked down but it still remains accessible basically they haven't sealed office what a public official has said run me through how you see the likelihood of a second wave and the current expectations from urine yeah good to be back in the show a good morning yeah details in Beijing are doing all they can do to control the spread from what we know at this point in time it's a small cluster and fifty two hundred cases of best and we have complete belief in the ability of the government to control it given that the missiles so successful in the past to do do the same thing the second very brisk exist clearly but we are in a catch twenty two situation you're right as long as you stay in a long time but you will never know if you need to keep it alive the government has to implement predictive of strategies and be smart about addressing the second if it materializes I will basically is today's date that they have the tools in their arsenal you can pull the spirit but why should it come up it's a it's a very small instances at different times we don't expect it to become bigger but yes if it does get into that territory then you would see more adverse market reaction

United States Florida China Beijing Managing Director Portfolio Manager Official Texas Arizona
Why The Rise of Passive Investing Might Be Distorting The Market

Odd Lots

09:54 min | 5 months ago

Why The Rise of Passive Investing Might Be Distorting The Market

"Hello and welcome to another episode of the odd lots podcast. I'm Tracy alloway and I'm Joe Weisenthal. So Joe I tweeted something recently early and It provoked a large response on social media. It's weird how that happens right. You tweeted something that provoked a response. I I find it very hard to believe. I know it's outrageous but I was talking about. Have you heard of the fire of movement. Yes vaguely like I am familiar with it. It's has to do with people Retiring early right. Yeah so it's fire as an F. R. E. and it stands for financial independence retire early and the basic idea is you can save a lot of money and if you invest it wisely you can retire at an early age like in your thirties and supposedly it's it can work out for for. Even normal people are people on normal normal salaries. We're not talking about really wealthy people and the thing that I always find really interesting about. It is when you go and read about how people are actually investing investing that money so that they can retire early. They're almost all talking about doing it themselves. And be through passive investments events like. ATS right exactly right. So people think they live frugally. They they work for several years. They live frugally. But but then they sort of have this confidence that historical returns that we've seen in stock and bond markets throughout the world will always be there for them in the future and so they just put a bunch of money in passive. ETF's or you know it passive ish ETF's and then they count on that existing for the rest of their lives and then they do something. I don't know they go on. Read it or tweet for the next from thirty five until that's right and the reason I find. This wasn't so bad to me to be honest I would be. I would do that if I if I had confidence. You can see the going up for sure but the reason I find it so interesting. From a market perspective is to me it hits upon like a number for a very very important themes but really it hits upon this question of whether or not the fire movement can exist without the bull market that we've seen for the last ten years right like it's very easy to say dump all your money in something like You know a vanguard total stock market. ETF and just watch it soar. When that's the thing that's been happening for years and years and years? Well I'll say two things. One is certainly raises. The question about whether this subculture can continue to exist but it also raises another question about people who aren't in that subculture but in a way have defacto in fact he'll bought into because this mantra that we've gotten from Sort of the media and fund management industry is okay. Most people aren't saying you should try to retire at thirty five or forty but this idea never try to time. The market never pick individual stocks. Just have a broad diversified provide basket of ETF that you may be rebalanced every once in a while has become so intense and extreme and everyone's being pushed to invest like that so even if you are one one of the fire people on read it it still raises the question. Of how much is everyone else who is not planning on per se. Retiring early. Essentially bought into Olis' extreme version of the same story absolutely and you'll see a lot of the investment advice set. The fire people talk about is actually very very similar to advice given to people generally generally when it comes to their 401k's and stuff like that passive is supposed to be cheaper. It's supposed to be much better. But what if there's a downside to passive of investing we've spoken about active versus passive on the podcast before but we haven't done that much on how passive investing might actually be changing the the way the market functions. No absolutely and it's such an important question given as we've been talking about how many people have portfolios in which the only action they do is just add to the same basket of three or four. ATF's every single month working lives. It's been fantastic since the crisis with incredible rally in stocks and bonds simultaneously but as they say Past performance no guarantee of future returns. This is true all all right. Well I'm happy to say that we have the perfect person to talk about this today. our guest is Mike Greene. He's the chief strategist and portfolio manager over at Logica a capital investors. Mike thanks for being on. Thank you for having me so I guess my first question is. How did you get interested in at this? Particular area examining the impact of passive investing on the broader market. Is that something that you are observing in your sort of day job. Well the way I think of my day job is to really try to understand the market structure. I'm not a traitor in the traditional sense wasn't trained on a prop desk or anything else and so you know I've always managed to make money by trying to figure out. Actually what people are being forced to do. What is the incentive structure? That's causing people to do what I think is fundamentally irrational rather than just saying. Hey they're crazy using stupid and this eventually stop the opportunity to dig in and understand. Actually the incentive structures that have been created the restraint requirements requirements for people to engage in certain transactions whether it's from a regulatory framework or whether that's from a an institutional framework basically built into their Prospectus this ultimately that can create the opportunity to identify trades that you think are irrational and have the potential to break as that behavior is brought to its logical extreme. That's how I stumbled onto this stuff. So what are in your view. The big structural trends or the big structural impositions on individual investors or pension refund or any other entity. That has a lot of money that are all causing people to sort of invest in the same way right now one of the big the key ideas here. So there's a couple of Keith. Things the first is is that the growth of passive investing has has been well documented right and the narrative behind the outperformance fundamentally built around the work of of Bill Sharpe. who was the father of of the sharp ratio The cap M Formula Etcetera His paper in Nineteen ninety-one called the arithmetic of active management management. Is this analysis that we've all heard that says fundamentally passive investors by definition are only matching the active investors in terms of their overall allocation. And so the difference is just GonNa it'd be fees which means that the active managers underperform. Everyone accepts this Today because we've seen the evidence of the outperformance of passive but very few people take time to go back and actually look at the construction of the problem. The assumptions that existed under that the assumptions are just absurd right so in in the definition of what a passive investor is according to Bill. Sharpe is that pass. Investors hold all the securities on the market. How do they get in? That's magic out of the get out. That's also magic. They never transact right the minute they transact they ceased to be passive investors and as we know passing vehicles or feeling with billions and billions of dollars of inflows on a daily and weekly basis there in the market transacting. They are the single largest trans actors actors. By far and as a result they have to be influencing the market they cannot be passive the fundamental premise on which this whole idea is built is flawed right. The second thing that has happened though is because passive investing has grown so large and so powerful. The resources to engage in lobbying efforts to institutionalize passive within the framework has expanded dramatically. Most people have a cursory familiarity with things like 401k plans. IRA's vast majority of Americans have some exposure go through their employer to these plans. Those rules have changed over the years. Through the lobbying efforts of passive players vanguard and Blackrock to inculcate passive of strategies into these vehicles under the premise that this is the best possible vehicle for the vast majority of Americans to invest in and it had the effect of creating this crowding crowding that is further accelerated the performance of the benchmarks that these are ultimately tied to Oman. Sorry there's so much just in the first a couple of minutes That I find really really fascinating. Oh why don't we go back to the first point. which is this idea that? When we're evaluating the performance silence of passive versus active where not actually taking into account the way that passive can influence the market? So how are you seeing passive investing actually impact the market. Now we're seeing it in a couple of different ways right One is that we're seeing a distinct performance advantage that is being created for those securities that are in indices that are being invested into by passive investors. This is fairly well studied phenomenon in terms of the dynamic. What's called index inclusion? So we have one off events in which we can look at securities that have been put into an index or have been injected from a widely traded index. And we see either. There is a distinct and permanent shift in the valuation the price levels associated with those securities. Mrs Well Documented Academic Literature with the literature editor has not studied is the dynamic of the continued inclusion the continued flow of capital and that becomes a harder problem because suddenly they're on par with all of the other constituents students in the index and they're all experiencing it all right so I I gave a speech several years ago in which I compared it to the David Foster Wallace. This is water right. The medium him in which we're actually participating as being skewed by the behavior of these passive flows.

ETF Mike Greene Joe I Bill Sharpe. Tracy Alloway ATF Olis Joe Weisenthal F. R. E. David Foster Wallace Oman Sharpe Editor Blackrock Keith Chief Strategist Portfolio Manager
China to inject billions in liquidity on Monday as markets reopen

BTV Simulcast

03:03 min | 5 months ago

China to inject billions in liquidity on Monday as markets reopen

"With Chinese market regulators have unveiled a sea of measures to ensure stability in its forty five trillion dollar financial system the markets reopen on Monday following an extended lunar new year break it's got to on gas not rough I looked on the head of capital markets and senior portfolio manager I Gulf investment corporation who joins us on the Skype from Kuwait soul family here we go with C. S. C. instead he measures in total coming from the PD see from the regulators does that give you some sense of confidence that tonight tomorrow morning when we open that sort of that the Chinese are bottle ready to support these markets good morning my nose and all of DC's a leg a good a good that statement from the view of the sea and that and that and the China Chinese government I think that they are going to do their best to do and good with these out correct which of using the he's gonna have a big effect on on Chinese economy and and more generally on global economy we E. soul on Fridays eight PM my already going down the back school at fifty ad which is a sign that the economy was already struggling even before the outbreak and add that in there for we need that it is being exported from today Chinese authority in order to support to the economy and they yeah but and your room to do that so at the moment that I I am I think that we should be speeded up complete and eating not in some kind of the Serbian section of the situation I mean run fairly you can try and pump as much liquidity as you want into the Chinese financial system it's not going to get apple to re opened its doors so I'm gonna get Qatar Airways to resume flights to China or the United States for that matter isn't it time now it to perhaps thanks to ray in a muscle prolongs meaningful slowdowns although a lot of these key economic base and as a result go a lot more defensive in your portfolio I absolutely agree with you use that for a number of reasons first of all at the impact on that the Chinese economy is going to be a much bigger than what the re soul with the previous event may not find two thousand and three with the stars and the economy at that time mama and was much is more than now and that day every option from the government that was a less severe we are talking about and keep these women are so people already closed at a TV the at least there stop would be that for birdie and then nine so we lost in two thousand and three days but on the China economy was around one percent of GDP I think at this time that we can expect the something bigger

IPOs gone wild?

CNBC's Fast Money

09:22 min | 6 months ago

IPOs gone wild?

"But we begin right here with what some are starting to worry could be. IPO's gone wild check out the monster move in some of these recently. Public Dame's beyond me. Smile Direct Uber up double digits. This year in fact smile smile direct up. Thirty four percent Uber. Seventeen beyond meet up fifty five and we're only nine trading days into twenty twenty. Many of these names are still to well off their Alzheimer. IPO highs so as the recent rally too far too fast so which guy dom of those names. If you had to pick one of those names names that we showed would you say this is the worst and most egregious example of momentum gone amok I mean the most egregious except those names momentum Menem gone amok beyond me is fascinating to me. I mean the stock went from seventy five seemingly the current levels in a straight line. But it's also often at two hundred forty dollar level that we saw. I don't know back in July so I don't know if it's necessarily runamuck to your point. There's still well off the highs. I think the bigger picture or sort of the broader theme here is. We spent a lot of time talking talking about. We work a few months ago and it's not particularly interesting but I think one of the many unintended consequences of central banks specifically are fed. Is they've made people people lazy. They made investors lazy. And what do you need to know. Well Softbank was supposed to be the greatest investors on the planet. They invested we work at a forty seven and a half billion billion dollar valuation and that's now eighty percent less if that were publicly traded company. We talk about it every day now seems to be happening in publicly traded companies. Yes I think. That's a reason for concern. I don't think it's necessarily the red flag but it's one of many red flags. Well I agree on the Fed analog and if you think think about where we were a year ago we were actually pricing in if you looked at the forward curve three fed hikes and continue unwinding the Fed balance sheet. Well we did exactly the opposite and twenty nine thousand nine. We got three cuts and essentially by the end of the year added four hundred billion dollars to the Fed balance sheet that to me is is essentially what guys talking about. This is the manifestation of that I don't think every one of these companies can be painted with that brush and if I had to take one of those companies that I actually think is kind of interesting. I think it's Lufkin. And I think it is based upon obviously asleep. They are the opportunity to be starbucks in China. You probably know this metaphor We talked about this last week. Karen remember they did a convert issuance in the stock. Got Killed after that and some of the biggest hedge funds in the world are in this name so you WanNa be buying essentially there convert except for the fact that I do think these guys are taking market share and I do think they are competing locally gross story I like I I think Karen the point of this exercise is that maybe all these names are great now. They were ignored many of them or sold at their IPO. So something reading either. Fundamentally has changed with the story in the past three weeks or this is just all goes and hedge funds and frequency traders riding the tape tape until they can't anymore. I think that is the main thing driving one thing. Most of these talks about all of them have in common is big short interest right so that starts a sort of a virtuous or vicious cycle depending on. If you're long or short of of buying so you look at like beyond me. twenty-five percent smile direct which to me is the most volatile bill fifty-six percent short interests. So I need to apologize to you because the last time we talked about small director suggested you might benefit from the product and I got a lot. uh-huh nasty twitter's said back then. I grew up in northern westchester nuts. Southern Westchester like you. We didn't have the funds four orthodontists. And you were making fun of me. I have feelings too I just wanted but that's okay. I'M GONNA start back in a couple of things about smile. Yes it's been on a tear for the last week. They've had some really good news with Walmart and now and now wholesale two orthodontist. That's actually big news but ever this stock was twenty. The I don't know four or five. And now it's eleven seventy something after a huge run so I mean some of these are just gaining share gaining priced back point. They had news smile direct. PK had some news. This they're going to sell through orthodontist which by the way was their entire on model. I mean the whole model was don't sell now. We're like at least they had news. Many of these other names are just trading on New Zealand's. It's the short interest in my view. It's the short interest that run out that we're running out and dry everyone covers. I think you take this list of stocks and put it up there and say when the market starts to turn over these are the ones who either want to short or you want to sell smile direct being number one on the club. I mean well primarily you think about dentistry and cosmetic dentistry. That is the first thing you're going to cut out if for some reason there's a recession or your pay checks cut or you're not making the kind of money that used to make the first thing to do is cut out your cosmetic dentistry whether you need it or not. So that's it's number one on my list too short not doing it now. Because of the fifty six percent short interest this thing could still keep get blown. You can still get ten. Would you agree. This is is not the time if you're thinking I don't like beyond meat unlike smile direct. I don't like luck and this is not the time to short these names. Well I think you can have a plan and you can certainly take a Exposure on in the option market. I think you can measure your risk and I think if the valuation is is absurd. I think you you. You don't necessarily need to put it on today that you can leg into the trade I will just say that if you remember back. It was only October when high multiple story stocks structuring unprofitable. With the last thing you wanted to own it was not that long ago. We're having this conversation in reverse. We will get back there. It doesn't mean that these are all bad companies. It's GONNA come back to valuations in the market when we're in a risk off environment. These will be the first to go. Yeah I could throw two more names on here. Guy Dummy Occidental Petroleum Down Twenty eight percent over twelve months up fourteen percent. This year I get through an L. brands down. Twenty four percent percent over twelve months or different up ten and a half percent this year. Sorry guy no jump in. I don't know what is with those names are they are. They're different but they're very similar more than there's been there's been news brand specifically and and a quick to go off the board for five hundred if I may in this conversation. But we didn't mention lifting this conversation but I think lift is much different Uber. That's a company with a pathway to profitability. Last two quarters from a good they were put in a couple of weeks. You've had this stealth rally and lift. I think this is the the name. I don't think it's going to get back to that. Sixty three dollar level that we saw over the summer. But I think it's destined to trade in the low fifties and percentage wise. That's a big move quickly. O'Brien you're someone that spends a lot of time folks folks on energy I I think the turnaround in oxy is really all about a reassessment of the energy sector in terms of the bottom up fundamental companies being run for equity investors again. The fact that we're seeing energy prices and commodity prices. Crv Ryan thinks that are actually starting to accelerate after years of basic. I I think the energy sector is very different. I think a good lesson here those you want to own a stock go to a CNBC DOT COM and check out the short interest. You should always know what the short interest is in a name that you all all right. Let's talk more now about these monster moves in the market in what is happening. Underneath the Hood Chad Orlando Senior portfolio manager at Washington crossing advisers and a value investor. And you've got to be as valuable guy watching in this tape watching those names wondering well what everyone here has been quite cautious telling investors to shy away from A lot of excess talking about the Federal Reserve lowering rates and being too accommodative if you raised rates by one hundred basis points or the tenure went up by one hundred and fifty basis points that group of names we just spoke about would be vastly different. Evaluations would be vastly different. So I WANNA I wanNA give credit to through the team here to the other traders around this desk because the easiest thing to do would be to say get on that momentum train maybe leave a little on the table but these are risky trades. Hr they're not absolutely and that's what we would caution at this point okay. Momentum right now is in style for the time being but the reality is that investors should now be pivoting their portfolio polio to more quality companies that are consistently growing consistently profitable. That don't have a lot of debt on their balance sheet that proven track records over the last five and ten. There's a lot of this story stocks. I'm telling you when you get the Federal Reserve re pivoting or global growth at disappoints. A lot of the multiples are gonNA come down quite a bit so when you think think about value how do you define that as something cheaper than its own history something cheaper than the SNP multiple. How do you think about it? So that's a great question. We're thinking about value and quality quality so we don't mind paying up for equality company like a Hormel or like a starbucks but as an investor one should focus their attention. They're not only on the P. E. multiple but all the debt. That's on the balance sheet. Really look at the company as if you're a private equity firm and give a cautious view to everything everything so you want companies out of diversified from a product line perspective from a client perspective and our reinvesting back into their business and a lot of these companies. What they're doing doing is they're taking on debt and they're buying back stock Chad every night? We come in. We tried to paint sort of the cautionary tale from time to time. We try to speak about the market but now the market the performance is the ultimate judge and jury in your position how difficult it is to watch the market. Go up every day yet.

Federal Reserve Starbucks Chad Orlando Westchester Alzheimer Karen FED Softbank Lufkin New Zealand Twitter China Walmart Polio Dummy Occidental Petroleum Hormel Director
IPOs gone wild?

CNBC's Fast Money

09:22 min | 6 months ago

IPOs gone wild?

"But we begin right here with what some are starting to worry could be. IPO's gone wild check out the monster move in some of these recently. Public Dame's beyond me. Smile Direct Uber up double digits. This year in fact smile smile direct up. Thirty four percent Uber. Seventeen beyond meet up fifty five and we're only nine trading days into twenty twenty. Many of these names are still to well off their Alzheimer. IPO highs so as the recent rally too far too fast so which guy dom of those names. If you had to pick one of those names names that we showed would you say this is the worst and most egregious example of momentum gone amok I mean the most egregious except those names momentum Menem gone amok beyond me is fascinating to me. I mean the stock went from seventy five seemingly the current levels in a straight line. But it's also often at two hundred forty dollar level that we saw. I don't know back in July so I don't know if it's necessarily runamuck to your point. There's still well off the highs. I think the bigger picture or sort of the broader theme here is. We spent a lot of time talking talking about. We work a few months ago and it's not particularly interesting but I think one of the many unintended consequences of central banks specifically are fed. Is they've made people people lazy. They made investors lazy. And what do you need to know. Well Softbank was supposed to be the greatest investors on the planet. They invested we work at a forty seven and a half billion billion dollar valuation and that's now eighty percent less if that were publicly traded company. We talk about it every day now seems to be happening in publicly traded companies. Yes I think. That's a reason for concern. I don't think it's necessarily the red flag but it's one of many red flags. Well I agree on the Fed analog and if you think think about where we were a year ago we were actually pricing in if you looked at the forward curve three fed hikes and continue unwinding the Fed balance sheet. Well we did exactly the opposite and twenty nine thousand nine. We got three cuts and essentially by the end of the year added four hundred billion dollars to the Fed balance sheet that to me is is essentially what guys talking about. This is the manifestation of that I don't think every one of these companies can be painted with that brush and if I had to take one of those companies that I actually think is kind of interesting. I think it's Lufkin. And I think it is based upon obviously asleep. They are the opportunity to be starbucks in China. You probably know this metaphor We talked about this last week. Karen remember they did a convert issuance in the stock. Got Killed after that and some of the biggest hedge funds in the world are in this name so you WanNa be buying essentially there convert except for the fact that I do think these guys are taking market share and I do think they are competing locally gross story I like I I think Karen the point of this exercise is that maybe all these names are great now. They were ignored many of them or sold at their IPO. So something reading either. Fundamentally has changed with the story in the past three weeks or this is just all goes and hedge funds and frequency traders riding the tape tape until they can't anymore. I think that is the main thing driving one thing. Most of these talks about all of them have in common is big short interest right so that starts a sort of a virtuous or vicious cycle depending on. If you're long or short of of buying so you look at like beyond me. twenty-five percent smile direct which to me is the most volatile bill fifty-six percent short interests. So I need to apologize to you because the last time we talked about small director suggested you might benefit from the product and I got a lot. uh-huh nasty twitter's said back then. I grew up in northern westchester nuts. Southern Westchester like you. We didn't have the funds four orthodontists. And you were making fun of me. I have feelings too I just wanted but that's okay. I'M GONNA start back in a couple of things about smile. Yes it's been on a tear for the last week. They've had some really good news with Walmart and now and now wholesale two orthodontist. That's actually big news but ever this stock was twenty. The I don't know four or five. And now it's eleven seventy something after a huge run so I mean some of these are just gaining share gaining priced back point. They had news smile direct. PK had some news. This they're going to sell through orthodontist which by the way was their entire on model. I mean the whole model was don't sell now. We're like at least they had news. Many of these other names are just trading on New Zealand's. It's the short interest in my view. It's the short interest that run out that we're running out and dry everyone covers. I think you take this list of stocks and put it up there and say when the market starts to turn over these are the ones who either want to short or you want to sell smile direct being number one on the club. I mean well primarily you think about dentistry and cosmetic dentistry. That is the first thing you're going to cut out if for some reason there's a recession or your pay checks cut or you're not making the kind of money that used to make the first thing to do is cut out your cosmetic dentistry whether you need it or not. So that's it's number one on my list too short not doing it now. Because of the fifty six percent short interest this thing could still keep get blown. You can still get ten. Would you agree. This is is not the time if you're thinking I don't like beyond meat unlike smile direct. I don't like luck and this is not the time to short these names. Well I think you can have a plan and you can certainly take a Exposure on in the option market. I think you can measure your risk and I think if the valuation is is absurd. I think you you. You don't necessarily need to put it on today that you can leg into the trade I will just say that if you remember back. It was only October when high multiple story stocks structuring unprofitable. With the last thing you wanted to own it was not that long ago. We're having this conversation in reverse. We will get back there. It doesn't mean that these are all bad companies. It's GONNA come back to valuations in the market when we're in a risk off environment. These will be the first to go. Yeah I could throw two more names on here. Guy Dummy Occidental Petroleum Down Twenty eight percent over twelve months up fourteen percent. This year I get through an L. brands down. Twenty four percent percent over twelve months or different up ten and a half percent this year. Sorry guy no jump in. I don't know what is with those names are they are. They're different but they're very similar more than there's been there's been news brand specifically and and a quick to go off the board for five hundred if I may in this conversation. But we didn't mention lifting this conversation but I think lift is much different Uber. That's a company with a pathway to profitability. Last two quarters from a good they were put in a couple of weeks. You've had this stealth rally and lift. I think this is the the name. I don't think it's going to get back to that. Sixty three dollar level that we saw over the summer. But I think it's destined to trade in the low fifties and percentage wise. That's a big move quickly. O'Brien you're someone that spends a lot of time folks folks on energy I I think the turnaround in oxy is really all about a reassessment of the energy sector in terms of the bottom up fundamental companies being run for equity investors again. The fact that we're seeing energy prices and commodity prices. Crv Ryan thinks that are actually starting to accelerate after years of basic. I I think the energy sector is very different. I think a good lesson here those you want to own a stock go to a CNBC DOT COM and check out the short interest. You should always know what the short interest is in a name that you all all right. Let's talk more now about these monster moves in the market in what is happening. Underneath the Hood Chad Orlando Senior portfolio manager at Washington crossing advisers and a value investor. And you've got to be as valuable guy watching in this tape watching those names wondering well what everyone here has been quite cautious telling investors to shy away from A lot of excess talking about the Federal Reserve lowering rates and being too accommodative if you raised rates by one hundred basis points or the tenure went up by one hundred and fifty basis points that group of names we just spoke about would be vastly different. Evaluations would be vastly different. So I WANNA I wanNA give credit to through the team here to the other traders around this desk because the easiest thing to do would be to say get on that momentum train maybe leave a little on the table but these are risky trades. Hr they're not absolutely and that's what we would caution at this point okay. Momentum right now is in style for the time being but the reality is that investors should now be pivoting their portfolio polio to more quality companies that are consistently growing consistently profitable. That don't have a lot of debt on their balance sheet that proven track records over the last five and ten. There's a lot of this story stocks. I'm telling you when you get the Federal Reserve re pivoting or global growth at disappoints. A lot of the multiples are gonNA come down quite a bit so when you think think about value how do you define that as something cheaper than its own history something cheaper than the SNP multiple. How do you think about it? So that's a great question. We're thinking about value and quality quality so we don't mind paying up for equality company like a Hormel or like a starbucks but as an investor one should focus their attention. They're not only on the P. E. multiple but all the debt. That's on the balance sheet. Really look at the company as if you're a private equity firm and give a cautious view to everything everything so you want companies out of diversified from a product line perspective from a client perspective and our reinvesting back into their business and a lot of these companies. What they're doing doing is they're taking on debt and they're buying back stock Chad every night? We come in. We tried to paint sort of the cautionary tale from time to time. We try to speak about the market but now the market the performance is the ultimate judge and jury in your position how difficult it is to watch the market. Go up every day yet.

A 'Minsky moment' could be near for the stock market and that would not be good

Newsradio 950 WWJ 24 Hour News

01:45 min | 6 months ago

A 'Minsky moment' could be near for the stock market and that would not be good

"One you know the stock market has some momentum heading into the new year and what were some of the highlights for join us live right now David sour be managing director of portfolio manager adding core holdings in Bloomfield hills good morning David good morning time that's what a year for that stock market in two thousand nineteen momentum looks good into the end of the year so perhaps some profit taking in early two thousand twenty nevertheless put two thousand nineteen in perspective the S. and P. five hundred was up better than twenty percent at six eleven best you're over ninety years of S. and P. five hundred history the US market continues to set the pace globally indeed if I go back to nineteen eighty five yes five hundred for US faxes compounding the investor at ten and a half percent compounded return per year the rest of the developed world Europe Australia the far reaches only compound six and a half percent so continued good games you are setting the pace within the US all the sector save for energy had returns this year better than twenty percent so I like the fact that it was widespread across all sectors and finally not to forget the bond market in that in the wake of such a good year in the stock market bond market returns to US investors will be up between seven and nine percent issue in two thousand eighteen this could well be one of the last years that we see high school teacher returns bond investor interest rates and yield at such low levels in the to percent range but again could you all stop working best year in over ninety years of S. and P. five hundred

Managing Director Portfolio Manager Bloomfield Hills Australia United States David Sour School Teacher Twenty Percent Ninety Years Nine Percent
"portfolio manager" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:53 min | 8 months ago

"portfolio manager" Discussed on Bloomberg Radio New York

"Serra hunt his portfolio manager at alpine woods capital investors it is sort of amazing to me that we went from it's a global slowdown too it's a global inflection point and now all of a sudden it's going to be all everything is going to be okay I think the backstop of central banks can't be you can't under emphasize that enough because I think that that's really where you've gotten so much performance in the equity market and why the equity markets are so strong even in the face of some of the news after owning shares of the Nordstrom JW and the ticker it is up now by ten point two percent gap also rallying after last night's earnings report up now by four point two percent and shares of slug based in San Francisco along with gap all right now slug is up by ten point four percent so again recapping here equities higher across the board gold down one tenth of one percent West Texas intermediate crude down one point one percent I'm Charlie Pellett them that is a Bloomberg business flat eighty so much Charlie Pellett you're listening to Bloomberg businessweek cal master along with Jason Kelly right here Bloomberg radio is what we're looking for those the private a private equity firm KKR in talks with Walgreens as has been reported by our own development she is here with us number Burke interactive brokers studio a piece in the magazine this week sort of breaking down what's underneath this deal there's the deal and then there is everything around it and kind of what led up to it what it tells us in the bigger picture so tell us where we are right now with this flirtation as it were between KKR and Walgreens they're not probably dating it that just still flooding and talking about whether they should go.

Serra portfolio manager Nordstrom JW San Francisco Charlie Pellett Jason Kelly KKR Walgreens West Texas Bloomberg Burke interactive brokers one percent two percent four percent
Stocks eke out gains after a mixed set of earnings reports

BTV Simulcast

04:43 min | 9 months ago

Stocks eke out gains after a mixed set of earnings reports

"Story a strong corporate earnings season so far as providing some optimism for markets amid a background of growth concerns but eighty percent of companies on the S. and P. five hundred have topped profit expectations with that's fun Microsoft Boeing and PayPal among the big beats still some key negative surprises may keep investors wary Texas Instruments Ford and eBay all cut their forecasts say the trade tensions and slowing sales bellwether caterpillar also blamed heightened economic uncertainty for slowing customer purchases it's free and it shouldn't be a new portfolio manager tribeca investment policy towards us from our Sydney studio let's get straight to the need of this issue the corporate results should be a bit of a barometer on economic strengths what the some of the initial conclusions that you've drawn I thank you absolutely dry eighties about barometer of what's happening especially that outlook is a great barometer of what's going to happen in terms of economic news to follow we think it's actually been pretty good to ends as soon as most of the full cost has been reasonably optimistic for the US economy some of them we could area of course I has generally has to do with the trade area and but in general the reporting season has been pretty strong and the US economy is doing pretty well John bay it's good to see you as always what's the reader to the U. S. consumer because we know that the US economic recovery is really being driven by the consumer at this point and we had seen a few sort of nascent concerns around that area yeah look I think in terms of the kind she might be doing pretty well if we look at some of the housing related sector reported in the last couple days they actually have reported very strong numbers and also you the outlook statement has indicated to actual pickup further pickup in the housing style as well as activity so it is to our cities that to lower rates ease filtering through the economy and in general because you Mr track tracking pretty well what about the exposure to certain scenes in the U. S. equity story we have a team to be for our clients we can pull this up on the terminal TTV go is the key code S. and P. girls versus value the market in the middle of a changeover in leadership which side of the fence are you on look AT the it's it's been a big discussion point loss month we saw shop rotation from the growth into value then we saw that faded only run the she earlier on this month but certainly from the earning season with better earnings outlook ends potential trade partial trade deal potential brexit deal may take longer the mock is certainly turning more optimistic on some of the value bad says sorry at this juncture you certainly want to stop fading into that trait by some of the body company so who has demonstrated the green shoots if you like in terms of earnings so all this optimism the better than expected earnings the better than expected Richmond fed manufacturing indicator number that we had this week as well is that going to be enough to convince the federal reserve that it should hold instead of cutting rates this month as widely expected look I think is certainly the more it's the optimism we can see the less Charles over a hot now of course the equity market won't lie kids they still high probability of account to both certainly based on the data base on the so far reporting season sentiment is pretty strong and certainly if we are going to have some sort of partial deal that you know you said that there's a much higher probability of them holding than a cot what about political risk the most read stories on the terminal as it stands includes quite a few articles around the potential of impeachment and some of the noise as some would call it in the U. S. political process is that something you're looking at the could cloud the outlook a set one become material enough certainly with the cat cloud the outlook at this point what the equity market so if I have demonstrated says that you know and we have brushing aside some of those noise until this tangible evidence all for something taking place it is certainly is a political uncertainty equity markets still quite fragile at this point but some of those risks are yet to be priced into the equity

Eighty Percent
What’s Really in the Trade Deal Trump Announced With China

Bloomberg Markets

05:35 min | 9 months ago

What’s Really in the Trade Deal Trump Announced With China

"Trump president trump says they were they were wrong reports saying that China wouldn't start agriculture purchases until a deal is signed me saying China has already started buying from U. S. farmers this from saying today at the White House also said that a trade deal with China probably will not be signed until he meets with president Chinese president G. Jim paying at the APEC summit next month in Chile quote trying to start buying already from the farmers trumpet a Wednesday at the White House during a meeting with Italian president Sergio Mattarella right now let's switch gears we'll take a look at what some of those global trade issues are doing for markets welcome Louis loud portfolio manager member of the emerging markets investment committee at Brandis investment partners a joint is on the phone from San Diego Lewis thanks so much for joining us you know just those headlines from the president you know talking about global trade and and what's going on with global trade clearly the uncertainties created by the and certainly of global trade really weighing on markets how you kinda factoring that into your investment outlook thanks for having me on good morning everybody just to kind of set the stage you know were long term value investors at Brandis and all approach is really to focus on the fundamental economic worth of the companies that we invest in and we called it the intrinsic value of these companies and our approach is to purchase them at a at an attractive discount the the intrinsic values and within that context a lot of these geopolitical events trade event that you mention have created numerous opportunities whether it's the US China trade frictions that we're seeing or the renegotiation on nafta or even brexit I mean do you have created opportunities where stocks are selling is attractive discounts to the long term value okay you give us can you give us some examples some of those examples would be you know the the Mexican real estate companies older people is that we call them I have been sending a big discounts large dividend yields I know some of those beneath that have been affected would be technology companies in the in China so those are some of the things that we've looked at there's also a lot of other examples but really these are the heating the band mine is we're not trying to predict particular all comes we don't think that anybody can I think all approach is really to by when we feel that the worst case scenario has been priced in some days you know the stock will trade as if there's never going to be a trade deal and then on other days the market is euphoric and is pricing in a very good outcome and in on those occasions we're gonna be lightening up the position we stop buying but it'll work isn't always price in there were active in the market using a flexible and nimble approach to investing in these companies so those I know you recently took a trip is a trip through Asia over the summer because the sense of using your key take aways there because clearly you know that the uncertainties of trade between the US and trying to you know really key to I think investors psyches now yes I was in seven cities in Asia a couple months ago and I think the striking thing to note is that you know if you go to mainland China whether it's strong high Beijing options and you know the the atmosphere is very different I think there's a feeling of calm there's a feeling of you know that the economy has the capability to withstand some of these external shocks so the the the feeling that we get from mainland China is very different but across the border in Hong Kong I witnessed firsthand some of the protesters have been taking place and disruptions to the normal business operations and just kind of to the source point earlier this is given way to some opportunities in the retail industry some of the banks in Hong Kong you know showing very good value and we're not exactly sure how the protests will end all or how it's going to conclude but if you look at the history these protests have been episodic they come and go there's going to be some kind of resolution over you know the short or medium term and you know that has created opportunities as well I'm wondering if there has to be a base case when it comes to some of these geo political occurrences when you're making decisions about whether something is undervalued are over valued because you know I mean it at any given point in the the the the outcome could be completely bifurcated and lead to completely bifurcated market results so how what what is your sort of base case for the next twelve months yeah I think the base case is that the US China relationship you know whether is the economic relationship with those the trade relationship is too important for the global economy for there to be you know us a stain adverse outcome right so you can see that you know particularly for the U. S. point of view you know the terrorists starting to have a negative impact so the tree war is kind of shifted to other areas are you looking at you know American capital going into Chinese capital markets things like that so the the the exact form of these tensions can change the sheep can shift but then the longer term beasties over the next twelve months is that the if the relationship is too important there will be some kind of right resolution or de escalation and that is kind of the base case that we use to use some of the companies and then if there is a significant down drop for deviation that is priced in that we don't think will hold over the next three or five years then there will be a buying

Donald Trump China President Trump Twelve Months Five Years
Latest from the Stock Market

CNBC's Fast Money

10:10 min | 10 months ago

Latest from the Stock Market

"I'm Melissa Leo Best Carter Worth Tim Seymour's Karen fighter men and guide dominated Tommy. The countdown is on its apple's big event tomorrow. Will it be enough to convince enthusiasts the world over to trade up in the middle of trade war also ahead activists investor. Elliott management taking a three billion dollar stake in at and T. A. Saying ix nay on the bank they see a sixty percents upside potential traitors take a second look and Boeing pausing using stress tests on its new triple. Seven after issue is discovered. We've got the details ahead. We begin with the Big Bang breakout on the day. The S. and P. Five hundred ended in the red checkout. He's he's moves from City Bank. America Wells Fargo David Morgan all firmly in the green for wait a minute. It was just a few days ago. The racer plunging yield curves inverting cats and dogs living together together and now look so the banks turned a big corner guy this desk by the way cats and dogs living together guy who's not sorry sorry who had a cat or a dog. I guess well how good question to answer on TV well. Let's go to the marketplace Sultana think they've turned the corner at all but what happened is everything got a little ahead of itself and it's not like we haven't talked about this. We're not saying this in a vacuum. Go back Tuesday. I think before Memorial Day we actually power-pitch some of the banks specifically it was city saying that you know what boring markets slow week into a holiday markets probably GONNA rally the toto's probably gotten and ahead of itself when city trades that discount to tangible book historically over the last couple of years. It's been a buy and that's pretty much what's happening. I mean I don't think again. The landscape has gotten better for the banks. Necessarily just the trading landscape in the short term has so the city have more room yeah probably overshoot seventy two like it undershot to sixty one but I think the the headwinds that they faced still exists today are some rays of sunshine based on what the CFO told the Barclay Financial Services Conference today that they expect growth in the back. AH The year that there are other parts of the business that can offset some of the losses or the softness in sort of the rate sensitive businesses so can you sort of extrapolate that some of the other brings thinking. Maybe things aren't as bad as people thought yeah I think I think that what the price they were trading at before. Two days ago really reflected a lot of things so I don't think I more that a lot of bed extra too much penalties there. I think if you think about where Citibank was trading you know well under ten times earnings a three percent yield. JP Morgan tend to change times earning a three and a half percent yield Bank of America under ten times earnings. I mean that's a lot about news priced in and their business models aren't all interest income right. There's a lot of other income in there as well so I think you know the market just saying Oh the whole book of Big Money Center banks is a giant two year tenure spread it must be going to zero didn't make sense. I'm not selling them here. I think they're still attracted. I'll actually question because we've had one kind of from a market position. Technicals Protective Talk and fundamentals. I'll talk to you the context of the overall market this this could you could make a comparison to the first quarter twenty sixteen when we're worried about global growth and banks essentially got through this period where once we got the sense that recession was off the table banks want on argue a very historic run for them relative to at least the cycle. Citibank's up thirteen percent eight days. It's up close to sixteen percent in sixteen days if you look at the X. L. F. It's basically kept pace with the SNP. Despite all of the things things that have happened to bank so the most important thing that happened today and I hate hyperbole may but I will tell you I think this is one of the most extraordinary trading days of the year that no one's talking about impressive was flat and yet you had banks three percent. You had expertise three and a half percent. You would transfer this is a major day for the march is not about the banks banks right. It's a behavioral thing. Is You look at the one hundred. What was the best performing stock the more beaten down. You were the better your slumber J. Lead. You Got Simon Property. You've got things like I mean in hindsight which is literally down eighty percent. Ge in the top ten so it's it's not a bank story although it is that's part of the story because they matter the most. It's simply dead. Cat bounces and dead cats do bounds but do they really come to life. No they're still dead heartbeat. It was more about deflation isn't as bad as you thought. I'm not going to tell you that deflation because I believe it's there's some stuff as leftover from the crisis but but deflation as it was exemplified and illustrated through bond yields around the world through gold going through the roof through everything else that was related to acid replacing going through the floor. The rally today are asset based their reflationary based and that's very exciting sites the retail these are retails that won't exist at some point in three five seven whether it's an urban outfitters. Tayo Ay and it's again it's it's it wasn't specific the banks the fact that it was craft. Ge tells you it was just an unwinding. If there's two sides here on this side of the desk extraordinary training day or just dead cats that's bouncing to make extraordinary trading day in terms of the move in yield terms everything he pointed out was extraordinary the context of what we've seen but I tend to sort of I I well. It should come as no surprise ten more with Carter Worth. I do think these are bounces within the framework of things that have just been oversold. I mean you mentioned Simon Properties. These go back and look where it bottomed out in April. Two Thousand Eighteen look where recently bought them at so you can understand the bounce slumber. J. has been left for dead. I mean we've talked about it. Seemingly for a year and a half trying at least I have tried to ascertain when the bottom would be unsuccessfully. We've seen moves like this before. This will be so again. I guess the fact that the SNP when he was unchanged today bowls could say what that someone constructive bears could say it should have been up twenty five handles on a day like today the other flipside of what happened today was growth oath at any price which had been where everyone wanted to go no matter what terrible complete reversal names like crowd strike or zoom right just absolutely getting annihilated highlighted today so you're just a rotation is just everything that didn't work now pile into that everything that did work time to bail but the question is exactly. I can't can't be in a crowd strikers in there too expensive. They're expensive. Yes two days ago even down ten percent too expensive for me. I think would momentum goes out. Those kind of names have were down to maybe more it's not. It's not terribly surprising that a crowd strike in company and their ilk are going down. Maybe on a daily today or just not rallying as much what's been interesting. Is that Koogle Amazon anything. That's been defensive relative momentum but actually you know they. They tend to be low momentum. Stocks in in difficult times in the market are under performing to Carter cares rights talk about. I don't know anything changed slumber J. in the last week in fact I think lenders as got some tough times ahead of them but when I look at some of the other parts of the market including the transports that are very real companies that are not going out of business that I don't think they're dead. Cat bounces. I'm not saying the world has gotten better in two days. I'm I'm telling you that it's always about positioning. It's always about where I think. The market momentum is we've got an ECB meeting coming up in a few days it's also going to I think help tell the tale of work. Global yields yields go because I think that the European Union is the one that was dragging global yields down and we know that the machines momentum is on both sides momentum down or some momentum up in if I go and when it flips. It's the you get these levers going on both sides but it doesn't usually last that long. At what point do you think I mean. Would you would take a lot of time and a lot more of this kind of thing. Because we saw the bouncing we saw in the certainly bouncing today. You just need in a lot more than I I agree cars. I don't think anything can you can't say suddenly it's it's all good for all these things that have underperformed for long time but for the last three weeks we've seen the DAX ax outperforming the machine emerging markets outperformed so This isn't a one day phenomenon today. It was a bit of an exclamation point on things that really suffer from deflation all right her neck. Scott says you may WanNa pump the brakes on the banks especially ahead of next week's. Fed Meeting joining us now. Steve chaperone equity strategists portfolio manager at Federated Investors Steve Great Great to see you again. so is it just the banks or is it all of these sectors that were dead cats bouncing Carter. I don't know if I'd do as far as the dead cat I. I'm somewhere in between I think Carter and Tim here and what I mean by that is it's very enticing when you look at the move in the banks today and you put it in the overall context then that context has rate rates bottom two weeks you go and have moved higher. The city surprise index bounced into positive territory week ago and value in general has moved up so there's an inclination to want US okay this is. This is the move in the value cyclicals that we've been waiting for. I think you need a little bit of confirmation on that. I think you need see what the Fed does in a week. I think they need to deliver against market expectations I think. ECB similarly has to at least provide some some delivering. I think this meeting is not as important as the one that comes in November when Christine lagarde takes over but move the ball forward and then I think you need the data that continue to come in strongly. If what we're talking about is a global reflation trade because the stimulus that's been put in the system helps the economy to move in the in the back half of the year. That's incredibly bullish and so I'm enticed by it but I'm not willing to kind of jump all in on it just yet so how are you. How are you positioned in the market right now. It sounds like like your you want to see how the data plays out. It sounds like you think I mean the federal probably cut twenty-five deliver on something that's sort of in the expected realm the the data is a little bit of a question mark at this point. So what do you do you think about the market right now is really a battle between the P and the right the P. should be higher. We've taken the discount outrage for stocks and we've cut it in half the only reason why the market isn't higher is because the market's concerned about recession and so they're worried about that e part so I think what it really comes comes down to is how our earnings gonNA come through and that's why trade matters. That's why Hong Kong brexit matters our view. Is that our base case. Scenarios earnings are going to be okay. They're going to be flat right to slightly up. You're going to get a revaluation higher because of those lower yields and that's where you play out over the next six to twelve months however over the course of the next month or so. I WANNA WANNA see how that goes. I want to see how the Fed goes. I WANNA see how earning season so when we were here earlier in the year we were eight percent overweight.

Carter Citibank David Morgan FED Tim Seymour Apple City Bank Melissa Leo GE America Hong Kong Elliott Bank Of America ECB Boeing Sultana Big Money Center T. A. Toto
"portfolio manager" Discussed on KLIF 570 AM

KLIF 570 AM

02:01 min | 10 months ago

"portfolio manager" Discussed on KLIF 570 AM

"Truck it's simple their education jobs television and broker have been feeding them propaganda based on speculation not security don't you think it's time to stop listing of those who have failed you and your retirement if your retirement money is in bonds stocks mutual funds variable life insurance or annuities you could be paying somebody else to lose your money our smart money book will show you how you can divorce your broker and eliminate or reduce fees call now for my free SmartMoney kit at eight seven seven five one radio that's eight seven seven five one seven two three four six over the years I've worked with millions and millions of dollars for my clients guess what not one of them is lost a single penny let me say that again not a single client of mine has lost any of their money even the worst market since the Great Depression can your stockbroker mutual fund portfolio manager or financial planners say that if they can you owe them a debt of gratitude chances are though that you're wishing you had someone that did not lose your money you're probably thinking right now why am I paying all of these fees and why was my so called financial adviser making money on my retirement even when my count goes down here's a promise that will help you sleep better at night if you decide to call me from a smart money kit our promise to only offer you solutions where you get to protest by the market gains but never in market losses I also promise of my solutions will include an option to never outlive your money if I haven't picked your interest I'm not sure what else to tell you call now from a free smart money book and information kit at eight seven seven five one radio that's eight seven seven five one seven.

portfolio manager
Stock futures edge higher as investors weigh mixed signals on trade war

Bloomberg Daybreak: Asia

00:38 sec | 11 months ago

Stock futures edge higher as investors weigh mixed signals on trade war

"U. S. stocks advance after optimistic remarks from French and U. S. leaders about developments in the U. S. China trade war Candace banks and as portfolio manager at fiera capital corporation in a full size needless to say have taken a harder line approach and you know this is going to extend to the uncertainty on the trade block drive but none the less a global trade or is really in the best interest of no one including the U. S. the S. and P. five hundred index picked up thirty one points up one point one percent the Dow which have been on three hundred twelve points advance two hundred sixty nine up by one percent nasdaq up one hundred one points up one point three

French China Candace Banks Portfolio Manager Fiera Capital Corporation DOW One Percent
"portfolio manager" Discussed on Capital Allocators

Capital Allocators

02:22 min | 11 months ago

"portfolio manager" Discussed on Capital Allocators

"I saw portfolio manager and i'm looking for a job at that time. She said okay great kurt kurt then gave me this brochure fortunately for me hired me in nineteen eighty nine to join a two hundred million dollar money manager firm down in southern california and that that was really kind of the beginning of the journey that kurt and myself and our other partners have been on for two years the turn a little bit too growth investing testing. Let's talk about a lot of we all know. Growth in value all know the disciplines of value investing here about it a lot. A lot of the time is certainly the conversations i have. What is it about growth stock investing that works. You know i think in part it's a different perspective perspective on the world to be growth investor. You have to be optimistic. You have to be optimistic about the future. Value to me is a little bit more pessimistic. You're trying to by these assets at a compelling price based on their value today with the hopes that it'll keep plugging along and then ultimately it'll be a regression to the real value for growth investing. I i like it because i tend to see the world more positively. I think it's consistent with where i am kind of psychologically and to me optimists rule the world. I think optimists are the ones who ultimately get it right because if you look back through history buffett says it all the time never bet against america i'd say never bet against great growth companies with superior cultures that are highly competitively advantaged so so let's dive into that a little bit you mentioned great growth companies what constitutes a great growth company a couple of things for us and it's very different i think from what most people do and i kind of like one of the things that that we wrestle with a lot of people now are wrestling with whether active management can outperform. I think there's a lot of evidence to suggest that it can but to me. Most managers try to buy high-quality businesses with strong economic advantages are competitive advantage of selling at a discount to intrinsic value. I think one of the reasons that active managers underperformed consistently is because everybody's doing the same thing all approaching the market from the same perspective. What we have found is more times than not if you're just looking for high quality wide moat businesses selling cheaply today..

kurt kurt portfolio manager california buffett two hundred million dollar two years
China, US And Portfolio Manager discussed on Fox News Sunday

Fox News Sunday

00:40 sec | 1 year ago

China, US And Portfolio Manager discussed on Fox News Sunday

"The US bears full responsibility for the collapse of trade talks, according to China's government vice commerce minister Wang show win said in a news conference following a white paper on trade that China is willing to work with the US to find solutions, but the US fatted, you have maximum pressure, and escalation, can't force concessions from China markets should brace for declines, as trade issues dominate the headlines that according to say he'd up Akash are capital chief portfolio manager and co founder the market, you're going to have your risk sentiment risk off, as we approach the spirit and summertime. Because we're unknown about where want China. China's not taking a position of attrition sit back and watch show

China United States Portfolio Manager Wang Co Founder
Amazon, Warren Buffet And CNBC discussed on CNBC's Fast Money

CNBC's Fast Money

00:16 sec | 1 year ago

Amazon, Warren Buffet And CNBC discussed on CNBC's Fast Money

"Berkshire-hathaway disclosed the size of its stake in Amazon, four hundred eighty three thousand shares worth roughly shy of a billion dollars at today's closing price, Warren buffet told CNBC last week that he was not the one making these purchases, but one of his other portfolio managers was really behind the by Amazon

Amazon Warren Buffet Cnbc Billion Dollars
Apple, Cavanaugh And Portfolio Manager discussed on MarketFoolery

MarketFoolery

05:03 min | 1 year ago

Apple, Cavanaugh And Portfolio Manager discussed on MarketFoolery

"Against apple in a five to four decision. The justices ruled that consumers can go ahead with the lawsuit over how apple manages its apps store. I guess this is a big deal. But. You tell me I keep seeing that this is a big defeat for apple if you look at what's happening with apple stock. That's not really reflected there. Yes. Apple stock is down. But it wasn't like it took this big dip once this was announced. Yes. Down a little over five percent as we talk about it and the rest of the market's down about two and a half percent. The NASDAQ three percent. So if you want to isolate the portion of the bad news that is about this lawsuit that the market is pricing in you might call it to two percent drop something like that. And that might be the status of the case, which is it the cases allowed to go forward. But it is not a final verdict or anywhere close in terms of probably the number of years that may follow as litigation continues. But ultimately, yeah, apple doesn't want to be liable to the user. Of iphones for misuse of its monopoly power. Yeah. Again, you're the lawyer not me. But I just sort of look at this and say, okay, it's a close decision. It's it's not like this was some unanimous. You know, all the liberal judges and all the justices and all the conservative justices got together and said, yes absolutely should proceed as a five to four split. And. Yeah. I'm looking at the stock and I don't own shares of apple but if I'm an apple shareholder. I think I'm more concerned about other parts of the business than I am about the impact of this loss of well if in terms of the liberal conservative split, if you're looking for silver linings, you might decide that Cavanaugh who wrote the opinion joining with the other for the other for the four liberal judges on the court and not voting in a block with the other four conservative. Judges sort of a good thing for the independence of thought on the judiciary possibly might make that argument. And I haven't read the opinion. So I shouldn't make that argument. But I I do I do find it somewhat comforting. When five four decisions are other than the five currently conservative judges on one side and all four the liberal. Is on the other side. So there's more to come in this. Stay tuned in other few years there should be a final verdict. That was going to be my final question was like how long is this time? I've got time to get dinner before the final about seven hundred of them over under something like that. So let's get to. What was going to be the lead story in that is the fact that it appears that every single stock trading today is down including apple including apple to the point where I made this joke earlier, but I'm only half joking. I think if you're looking at your portfolio and UCS stock that's up on a day like today. You might want to ask them questions about what's going on with that business because this is one of those days where everything is pretty much everything is in the red. And I'm curious how you as a portfolio manager in your professional life view days like this where like put put aside the politics of the trade war between the US and China on a day like this. When everything is down are you and your colleagues at Pam funds and presumably a lot of other professional investors, just rubbing your hands in glee at the prospect of okay, let's go find some bargains. Well, I think we've we've you these things in context, and that is if the market is down two and a half percent is right now. But we weren't all that thrilled with the price of the market going into the day. And I would say that I the way that I've Al you the market. It's a little bit overpriced. So it's not as if a two and a half percent sale means that it's a screaming bargain at the moment. It's back to where it was you know, few weeks ago, or whatever it was. So I think that it in terms of management of portfolio depends on whether there's cash currently in the portfolios, we manage their reasonably close to fully invested most of the time. So I think that it just means it we're we're down about as much as everybody else. Now. I I don't think that today's news while it's not good for

Apple Cavanaugh Portfolio Manager UCS Pam Funds United States China Three Percent Five Percent Two Percent
Lyft Sets High Stakes for IPO

WSJ Tech News Briefing

04:44 min | 1 year ago

Lyft Sets High Stakes for IPO

"All eyes remain on ride hailing company lift this week as it remains set to go public. It's been hard at work conducting a road show to market shares which lift will price on Thursday. The Wall Street Journal's Anne Marie for totally has more lift is expected to price. Shares above its target range of sixty two dollars later on Thursday ahead of its trading debut on Friday joining me in our studio with more is Wall Street Journal reporter Corey dri. Bush Corey lift lost nearly a billion dollars last year. But this is a highly anticipated IPO, why are there so much investor demand is so part of it has to do with just this is the biggest IPO we've seen in years and as most shock market watchers. Remember at the end of twenty eight teen we had a pretty brutal fell down, particularly in tech stocks. And a lot of portfolio managers have some cash on the sidelines. That are ready to put it to work. This is an exciting grow. Oh th- story. Whether or not you believe they're very close to being profitable. There's that potential that a lot of investors even speaking with are buying into. So I as I've mentioned investors we've talking to have who have attended the Rhode show say they entered wary of had big twenty eighteen loss. But it seems like lifts co-founders have really done a good job suasion, those fears, and I guess they've emphasized that part of the reason for the loss is because they're making quote, unquote, focused investments such as bikes and scooters that they believe will pay off in the long term, and many investors it appears to be paying into that. And we're hearing demand is not unexpectedly high but high enough that we've heard that the underwriters and the company is going to be pricing. Chairs above expectations. But what about those concerns over profitability, which you mentioned, what are we hearing from lift about that lift has been showing and talking as a mention during the road show about how it's there is a big big opportunity in the in a ride sharing space that right now ridesharing makes a accounts for small percentage of total miles driven in the US. Meaning that's a big chance to grow. And another thing that we talked to investors about is how maybe several years ago, there was this thought that it was a winner take all market, and that Mujber obviously lifts larger rival could be the winner. Who would take everything belifp market share has been growing a lot? And that even as their losses have also been growing they've been capturing about a third. Third or so of US marketer and the ride sharing space, which has gone to the point where you don't hear. When you when we talked to investors about their worries it's less that about lifts viability. Because Donald the sump shin is lift will be here to stay which I think is important when these investors are also thinking about where to put their money that they're not they're not taking a huge risk that lift could be quashed by Uber. It's we're taking a risk on how quickly can become profitable. And you're right. We can't really talk about lift without talking about its biggest rival Uber. So what are we hearing about what lifts IPO this week? Could mean for Uber as it prepares for its own IPO litter this year a lot of folks have and by folks, I mean, like analysts and portfolio managers. I've talked to have drawn comparisons to other publicly traded rivals who may be IPO close. Together, for instance, Trulia and Zillow and the fact that lift is getting this big premium looks like or is on track for big premium we've reported that they're planning unless something drastically changes. But the plan is to price shares above the targetted range on Thursday, the ideal hope based on the underwriters is that though shares trade up in the stock market opening. So if lift is going to have this big premium that should bode really well for Uber. Also command a big premium. So this all should be good news, presumably for Uber. But that being said we haven't seen their financials yet. So it's really hard to make a judgment

IPO The Wall Street Journal Anne Marie United States Corey Dri Bush Corey Rhode Reporter Mujber Trulia Donald Trump Zillow Sixty Two Dollars Billion Dollars
What Tech Companies Are Doing About Climate Change

The Big Story

14:16 min | 1 year ago

What Tech Companies Are Doing About Climate Change

"As reports about the looming impact of climate change become harder and harder to deny every company on earth is facing tough choices. A rapidly changing ecosystem is the world's biggest disruptor. So nearly every industry regardless of their public stance on climate change or any lobbying. They're doing is planning for an uncertain future. And they are using the same data that so far hasn't seemed to motivate many governments to treat this as an emergency money talks, though. And a new report reveals the ways that various high profile companies are doing their best to mitigate the losses. And of course, to maximize the profits of a world that might be on fire or underwater or both. Is it ethical is it responsible is that ironic that companies are taking action faster than most countries, or is that just inevitable after all they've got shareholders to report to and most governments just have people. So how does a company business plan for prophets amid disaster? And is it really a branding win. If people are using your app to plan their escape route to higher ground. Jordan, heath Rawlings. And this is the big story. We'll look back at this time that we spend debating what it is real. And I think that might have been time we could use talking about how to deal with it and companies are clearly already at that point. Christopher Lavelle is Bloomberg's climate adaptation reporter Christopher that is a fascinating title. It's it's the only thing I cover what does that entail because I actually feel like I feel like we should start the interview here now because that's a fascinating job description to me, it it is so in the realm of climate change most of the journalists on the climate beat ten to write broadly. Speaking about emissions, which is transportation, it's energy. It's international accords. Everything has to do with human activity that causes more greenhouse gases to answer the atmosphere. I've got sort of a different part of the beat which is. What happens to businesses governments people Connie's buildings infrastructure as a result of those emissions? What's the what's the effect? And then as the name suggests how do we adapt to that? What do we change? What are we not change? How do we try to prepare for what climate change means in sort of tangible human terms, so a number of high profile companies from around the world, but you focused on the ones in America have kind of had to quantify the impact of this will have to their business. How do they have to look at climate change with regards to their bottom line? Yes. The survey data and the reports I looked at focused on two different impacts of climate change on big companies. The I was where the risks they face risks to their operations risks to their customers risks to their supply chain. How would hurt them in other words and to my surprise these company? Has tended to be pretty candid about this of variety of impacts that they expect whether that is Coca Cola saying that they might face water shortages at their bottling plants around the world. Data companies tech companies saying that their data centers might be harder to heat harder, cool because of water and electricity and then companies with sprawling supply chains. The modern company tends to have opperations all over the place and to get inputs from all over the place. And I think rightly most these companies said we're worried about the increase in extreme weather and sea level rise. And what that will mean for our ability to keep getting all the components. We need for business from around the world. The me was on what what's fasten? But this is the sort of variety of effects banks in America saying that they're worried that some portion of their mortgage portfolio could default as homeowners either go underwater or probably more more concerning just stop carrying flood insurance. And then go underwater, so this is sort of an interesting way into how companies group of entities with a lot of money in the line CD's risk. Six and what really jumps out at you is there's no debate in the corporate world about whether this is real there's no debate about whether it's going to happen soon. It's happening. The only debate is the specific impacts be and how bad in addition to the risks these companies see from climate change. They went into even more impressive candor about what they see the opportunities. So mostly companies that file these reports listed override of ways in which they think that the effects of climate change could produce more revenue them whether that is more demand for existing products or finding new products to sell so some sort of some examples that I think fit that you had drug companies saying that as diseases that are currently mostly confined to the tropics spread to developed countries. That'd be more demand for malaria treatments, other kinds of troppled disease treatments. You had banks saying that as we get more and more disasters the morning to finance rebuilding. And and they'll be around to take advantage of that you had Google saying that there'll be more demand for some of its Google earth engine products as people want to better witness what's happening to the world. To me that it's a branding. It could be construed as a branding win. Yeah. And you know, I think I tried in the peace to avoid attaching any kind of, you know, ethical or moral lens to this. I I don't I don't think there's any reason to assume that there's anything untoward about this. If anything as a journalist, I tend to take the view that transparency all those people is is best. And so again, I'm impressed by how willing companies word to discuss in in terms that weren't always obviously cloaked in PR type language, but we're rather speaking directly, I think to investors saying this is what we're looking at in terms of more sales. I also try to stay away from predictions. But I think the following prediction is pretty safe. I think five years from now ten years now, we'll look back at all this time that we spend debating whether this is real and think that might have been time we could use talking about how to deal with it and companies are. Clearly already at that point. Right there already saying how do we adjust? How do we protect ourselves where we can how do we move up rations it? I mean, it's it's hard to avoid drawing the analogy with governments it it's a level of of frankness that you don't often see from governments especially United States when it comes to dealing with climate change rather than sort of p skating or arguing about whether it's happening. How do these companies and you talk to some of them game out these scenarios do they have a team that's kind of projecting various different things. And then they're adjusting with each one or they going with a certain type of research or they just speaking in more general terms. So I think I think most big companies have fairly sophisticated risk management operations in general and often that's the part of the company that will deal with climate risk. Even beer companies will have specific teams of whether it's meteorologists or climate. Logistics or just general scientists looking at the stuff there is an amazingly well-developed ecosystem at least in the US, I've companies that specialize in predicting climate risk in specific areas and disaster types and the economy, so there's a there's no shortage of places to get this data. And I think what we're seeing what surprising here is that the companies are using it. Right. And if you are so inclined as a company, or is it government to find out what's likely to happen in a given area this year next year five years now that trend data those predictions those are out there. Right. So I think one thing you here in the US is why why worry about climate change? We don't even know what's going to happen. This argument that we don't know what's going to happen true on its face. But true for every prediction what we certainly know is what the trends are. And what we're seeing with these companies is they're not waiting for some elusive degree of certainty to start planning for this their content. To make plans based on the imperfect information that we have and make what seemed to be pretty specific plans based on that. Are we starting to see already that there will be maybe not even specific companies but specific industries who will be sort of the winners and losers as this continues to progress. So there's different views on that. Certainly agriculture is a sector that you hawk and here is going to see a lot of action on this. Whether it's good or bad. We don't know big affects on agriculture, but also lots of room to innovate for companies that are forward looking banking certainly will be affected because the companies that banks lend money to could could be in trouble real estate, at least in the US. I think there's no university in which climate change doesn't have a huge impact on real estate. We don't really know if on balance it'll be positive or negative the insurance industry will be almost uniquely exposed to the effects of climate change. What we don't know about insurance is how well they'll be with that risk. Certainly there have been disastrous in the past Hurricane Andrew in Florida. And I think ninety two great example that really caused the insurance industry to stay or, but I think insurers are pretty alert what's going on. And I my sense that they'll find a way to price that risk into their policies. So it's not clear at this point. If there's any particular injury that would just collapse because of climate change, I think in most industries as with most companies, it's a mix of pretty severe risk. But also -tunities I don't get a sense from my reporting that there's any particular sense of panic in anyone sector, but I do get the sense that there's a sense of a mood of uncertainty and and concern, but also, you know, the the attempt to think how can we get ready for this? How many of these companies are acting right now on these assessments and actually changing the way they? Do business today. So that's that's the great complaint that you hear from environmentalists or groups that focus on climate risk based say that there's an element of PR here that for all the candor with which companies talk about this stuff. It's often not clear just what they're doing to prepare for it to actually change their operations it. It's always gonna be anecdotal. I get the sense that companies changing their behavior are still the exception that in general, there's a lot of sort of preparing and modeling and thinking about what to do. But not a lot of significant changes yet. Now, it's not that's the wrong way to go. If you're a company, you could say, look, we we're not going to change our business model until we have to. But what we're doing to be responsible is to be prepared for the moment when we have to whether that's a particular big storm, or you know, really serious effect on there. But yeah. Definitely the the skeptics take on all of this is that for all their planning and their discussion. They still aren't really ready for the next superstorm. And I think that's certainly a fair concern. But the kind of concern that you can't really test until something big happens should ordinary people be looking to model their behavior after what some of these companies are doing like, should we be looking at our investments with an eye to how the various places we've got money invested are going to be impacted. I think definitely anybody who's got funds that are actively managed should talk to whoever's manuals fun. Just just say what's your approach here? I mean, the problem with that is if you're just a typical investor it's not clear how much better you can do it planning for this. Then whoever is running your money. But I think certainly making sure that your portfolio manager is thinking about it is the first step, but I'm not commit. Anybody in the world of finance who really has a good idea of how to deal with these threats and take advantage of them. But again that baseline question of are you thinking about it is probably the one to be asking at this point as you're doing your reporting. Is there any area where you think we're adapting well to this not necessarily just in business. But in terms of of all the areas, you look at, you know, the the optimist in me would like to say, yes. Oh blind. I'm afraid I'm afraid that. You know, the the sweep of change attached with global warming is so significant that I think it might be a little bit too early to say which things were doing. Well, I I don't think we've even got our heads around which areas will require the most adaptation, let to ask me how to do it certainly in the US. There's parts of the country that are most exposed to flooding and storms and little rise. Louisiana is the best example, they're sort of they're already looking at ways to discourage people from remaining or building by coastlines that are going under water and how to relocate those who want help those are really hard discussions. And I think other parts of the country will be there eventually. So I think at this point success is probably best defined as confronting the problem. But in terms of finding solutions that work. It doesn't seem like we're there yet. I

United States America Christopher That Malaria Google Jordan Louisiana Coca Cola Connie Christopher Lavelle Heath Rawlings Hurricane Andrew Florida
NBC to launch free streaming service in 2020

Bloomberg Daybreak: Asia

00:38 sec | 1 year ago

NBC to launch free streaming service in 2020

"Global growth the s&p down for only the third time this month. Paul Nolte is portfolio manager at kingsview asset management betting treated is certainly having an impact here in a slower. China is a slower global economy, and it will filter through and eventually make it back to you shores. And then I think is really what investors are looking at the S and P five hundred index dropped thirteen points down five tenths of one percent. Dow Industrial's down Eighty-six down four tenths of one percent. The NASDAQ composite index was down sixty five points, a drop of nine tenths of one percent in New York. Charlie Pellett, Bloomberg daybreak Asia. All right. We're thirty four past the hour. Let's get to Hong Kong. Bryan Curtis is they're looking at market action. Not a lot of doom and gloom. Which is surprising. Right. Yeah. I chalk it up to Citi group actually because the way that CitiGroup traded. It's earnings were okay. Not great, obviously fixed income trading was weak, but it's emanate advisory and some of the trading operations. I mean, the treasury operations did pretty well, and it gave an upbeat forecasting that trading. Looked a lot better here in the past few weeks. And if you look at the Nikkei, you mentioned that it opened lower. In fact, we're expecting everything to be a little bit lower today. But the Nikkei up about two tenths of one percent financials in Tokyo or up nine tenths of one percent technology stocks up seven tenths of a percent healthcare is benefiting as well. So it seems that that this is the pattern that has has developed here in the last thirty two to forty five minutes that investors are are going with the city read and still going with last week's trade, which is slightly better conditions. The possibility of of a trade deal between the US in China. And also the fed that is seemingly. The on pause. I think we mentioned as well. That Richard Clarita was saying perhaps you'll see fewer than two interest rate hikes. That's a possibility at least. So let's run through the numbers. The Nikkei up two tenths of a percent. Asx two hundred up three tenths of a percent. New Zealand up about one tenth of a percent, and the kospi is now pushing one percent gains the dollar is weaker that helps doll yen one hundred thirty four year old one fourteen seventy four the OSCE back over seventy two cents and the yield on the ten year. Two point seven zero percent. A quick note oil is higher that maybe leading four tenths of one percent Paul over to you. All right. Thanks, brian. China's sentencing of a Canadian man to death has been called arbitrary Justice in retaliation for the Weiwei arrest. Bloomberg's back global news in the Bloomberg nine sixty San Francisco newsroom. Ed. Yeah. Paul, right. Canadian Robert Lloyd Schoenberg has been sentenced to head been sense to fifteen years in prison last month for drug smuggling. Now, a judge on appeal suddenly has sentenced him to death. Canadian Prime Minister Justin Trudeau strongly condemning the action as retaliation for the rest of while way. Executive men want you saying the world needs to watch Beijing's use of the Justice system closing in on the vote on Brexit, e you deal in parliament, Prime Minister, Theresa may says MP's have to do the job that they were elected to do on all sides of this house, whatever you may have previously concluded over these next twenty four hours give this deal a second, look, but opposition labor leader. Jeremy Corbyn says no that's not right. We were promised the easiest

Paul Nolte Bryan Curtis Bloomberg Robert Lloyd Schoenberg China Prime Minister Citi Group Jeremy Corbyn Dow Industrial Hong Kong Justin Trudeau Treasury Portfolio Manager Asia Charlie Pellett New York Richard Clarita
"portfolio manager" Discussed on KMOX News Radio 1120

KMOX News Radio 1120

01:41 min | 1 year ago

"portfolio manager" Discussed on KMOX News Radio 1120

"Steeple and ophthalmology associates. Matt Battapaglia senior portfolio manager on the line with me, Matt I've got a bad case of whiplash where did markets finally ended up today? Alex, another volatile trading session today saw stocks down around six hundred points at one point on the Dow however rallying in the late afternoon to finish positive for the day. The Dow gained two hundred and sixty points or about one point one percent, the S and P five hundred gained twenty one points or nine tenths of one percent. And the NASDAQ gained twenty five points or four tenths of one percent. So we went from a record one day gain to a huge downturn to start the day. And then a record rally. What's with all this volatility? But what we're seeing going on? Now is you've got competing forces on the positive side. You've got the fundamentals evaluation at play and they appear strong. So for example, if according to facts that for the two thousand eighteen earnings expectations. Call for twenty percent growth on. The revenue side of things we're looking for about nine percent growth. You've got unemployment at at the lowest levels not seen in years. You've got an economy growing at three point four percent with regards to valuation. You've got earnings multiples that have come down recently given all the selling that we've seen in the market. So now, stocks appear a little more cheaper. So those are the things that the market has going for it on the opposite side of the things that are dragging the market down is a lot of uncertainty. So again, I mentioned this yesterday, but we're in the middle of a partial government shutdown. You've got the uncertainty with regards to trade between the United States and China which also plays into the third thing that that really is a drag on the markets, and that is a concern about global growth slide. So you've got these two competing forces. It just it just depends on who wins out on any given day steeple portfolio manager, Matt.

Matt Battapaglia Steeple senior portfolio manager portfolio manager whiplash Alex United States China one percent twenty percent four percent nine percent one day
Tech and health care stocks jump

KNX Midday News with Brian Ping

00:33 sec | 1 year ago

Tech and health care stocks jump

"Both fell about twenty percent in October. While now they're getting some of that back. Netflix up five percent. Amazon is right now gaining about six and a half percent. We saw a senior portfolio manager at Roosevelt investment groups, saying tech, stocks are leading the bull market. And quote, if we're gonna have a rally they're going to participate in it planet fitness is in its own world that stock jumping seventeen percent and it's not even New Year's resolution season. The company has seen its strongest quarterly sales growth in four years with business at twenty five and fifty five live from Bloomberg. I'm Lisa parental NewsRadio seven eighty five

Senior Portfolio Manager Bloomberg Amazon Roosevelt Lisa Netflix Seventeen Percent Twenty Percent Five Percent Four Years
Bank of America's lagging loan growth overshadows profit gains

Bloomberg Markets

01:18 min | 1 year ago

Bank of America's lagging loan growth overshadows profit gains

"China Bank of America drops after it reports. Disappointing growth in loan. Lots of earnings this week, including Netflix tomorrow, toy guy, Eski skybridge capital, senior portfolio manager tells Bloomberg earnings will continue to grow just not at the rate that many people are used to you've been aided by extremely strong economic growth, and obviously tax reform so going forward you have to expect lower earnings growth, but it's still relatively healthy somewhere in the eight to twelve percent range next year, and that's to the point on Bank. Look the bottom line for banks is they're running much safer enterprises. Now, he means upside, but also less risk. So that means more immunity in the next cycle and the next downturn should be much more about equity price declines as opposed any credit impairment across the board. We check the markets every fifteen minutes throughout the trading day here on Bloomberg radio, the S and P five hundred down three tenths of a percent down nine. Dow Jones industrial average is little changed down eight. The NASDAQ is down nine tenths of a percent down seventy one the ten years up to thirty seconds yield two three point one five percents. West Texas intermediate crude down two tenths of a percentage seventy one twenty two a barrel. Comex gold's up close to one percent twelve thirty four even an ounce the dollar Yannis at one eleven seventy six the euro dollar fifteen eighty one the British pound to dollar thirty one thirty one. Let's he's up three tenths of a percent. The Dax in Germany's up

China Bank Of America Bloomberg Radio Bloomberg Dow Jones Senior Portfolio Manager Yannis Netflix Germany West Texas Fifteen Minutes Thirty Seconds Twelve Percent One Percent Ten Years
"portfolio manager" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:33 min | 2 years ago

"portfolio manager" Discussed on Bloomberg Radio New York

"Television here's vonnie quinn india's joining china and european union and raising tariffs on imports we always by rommel's head of equities and portfolio manager of mos large cap value funds so he began with the trade idea but given that your value guy i just wanna ask how trade plays into your strategy overall if at all it must right well we we are value in the large value fund but we've managed across all styles and capitalization ranges in the us but the good thing about the value fund relative to the more growth fund are two things first of all the valuation differential which is high as it's been it's been in the last twelve years we're trading at about six points lower than than growth in terms of the historical perspective and that's about a twelve year low the second thing that's very positive with the value fund relative to growth today is the fact that valued companies tend to be more domestically focused relative to growth and right now the biggest center of economic growth in the world is the us the rest of the world seems to be slipping slowly into lower growth a europe being one example and so you want to be exposed to the us hear more interviews like this one on bloomberg television streaming live on bloomberg dot com global business news twenty four hours a day a dot.

india china european union rommel us head of equities portfolio manager europe bloomberg twenty four hours twelve years twelve year
"portfolio manager" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:33 min | 2 years ago

"portfolio manager" Discussed on Bloomberg Radio New York

"Gallo is a partner and portfolio manager at algebra's uk limited talking about corporate deaths in europe right now let's get headlines national and international from nancy lyons in our ninety nine one listen nancy thanks tim with the house taking up immigration bill bill's today homeland security secretary kirstin nielsen has been discussing the issue at a republican sponsored forum bloomberg's irv chapman with more on that nielsen did not advocate for any of the bills being debated what we don't need to do as americans is hit the enforcement of law against our humanitarian ideas we have done everything that we can do within the executive branch to both secure our borders a pulled our ideals and protect our communities but we need congress to act the president's executive order to end separation of children from parents as open the door for congress to resume its factional struggles and how to change immigration law capitol hill irv chapman bloomberg radio president trump's mideast team is in cairo to discuss blueprint for an israeli palestinian peace deal officials say trump's soninlaw and senior adviser jared kushner mideast envoy jason green bladder meeting with president abdel fatah el sisi and other egyptian officials they've already held similar meetings with jordan's king and saudi arabia's crown prince the wife of this railway prime minister benjamin netanyahu is facing charges of fraud and breach of trust israel's attorney general brought the charges in connection with alleged mismanagement of state funds at the prime minister's official residence at the world cup today francis just scored in its match with peru it's one nil earlier denmark and australia ended up in a tie bobo news twenty four hours a day on air and a tick tock on twitter powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries i'm nancy lyons thanks nancy now with our other top stories i'm michael barr the chances of opec agreeing on oil production increases appear to have improved at the cartels meeting in vienna iran edged away from threat to veto any deal that would boost output the country's oil minister says he's optimistic saudi arabia wants to increase production and says it's time for opec to change course we heard from opec secretary general muhammed barking up on you can see that the intellect we heard from opec secretary general mohammad marquette and you can see that the international industry tuscon in vienna have all been commending the resolve and the commitment of all our member countries including a lot of the partners in coming together insane to walk into the rescue in our industry from this longest downtown lawmakers in both parties are criticizing jareth from the trump administration that they have imposed on imported steel and aluminum products in canada prime minister justin trudeau says duties on the automotive industry will hurt americans along with canadians measures taken against often negative impacts on workers in the united states is continuing to be an ongoing argument we make and we'll continue to make through all the different channels of communications we have with the the white house rebel also says recreational marijuana will be legal in canada on october seventeenth kate spade new york has announced plans to donate one million.

Gallo partner portfolio manager europe twenty four hours
"portfolio manager" Discussed on WAFS Biz 1190

WAFS Biz 1190

01:45 min | 2 years ago

"portfolio manager" Discussed on WAFS Biz 1190

"Properties pursuing a real estate project with eight billion dollars developers in the uae grappling with tough local markets as demand for property declines and pushing down the rental value is good news for me i'm on the search please send you emails one had that is the lead portfolio manager capital great to see you this morning so here we are again i i think this is a fascinating story you've got email i mean the iconic builder here in india by ima an eight billion dollars worth of projects on an international pursuit how important is this to the market in terms of joining up before early to judge from now but i would say it's more important to a dr disappointed at this point because they're going to have access to the by i think that's the key around this move is to get both company access to both cities we we've been seeing that for a long period of time each company operate develop in its own city but now with the property market developing i would say the whole real estate market in the u at a different level right now and i think that's a pretty much needed if you notice in abu dhabi is almost on the day doing most of the word abu dhabi prepared a lot of infrastructure into yes island in other areas and abu dhabi and they need more developers they need more quality they need more sizable developers to do that so i believe it's a move as well yeah yeah come on write i'm just going to jump in here because the question the question becomes what kind of impact on the market what kind of reaction you expect it from investors when the market comes back online.

uae india abu dhabi portfolio manager ima eight billion dollars
"portfolio manager" Discussed on KTTH 770AM

KTTH 770AM

01:48 min | 2 years ago

"portfolio manager" Discussed on KTTH 770AM

"And barry in cpas and in this segment we're going to wrap up our discussion on how you bonds with my special guest ron heller portfolio manager of paradise highyield ron tell us a little bit more about the makeup of the funds and where you feel it it fits diversified portfolio will like you said you know we're rates are with government bonds around the world and then the mortgages and acid backs that our government is in the process of selling off their balance sheet you know you need to be somewhere where you can have less volatility have less risk and protect the principle of of the clients portfolio so for us right now y'all with the volcker rule went into effect with dodd frank a few years back and what happened is allow the banks that were making markets and allow the securities really focused their money to make making markets in a new issues supporting their own deals so back in two thousand and fifteen when the volatility rearing really reared its ugly head in fourteen of fifteen when that went into effect we put a new issue bucket in the portfolio so we ever somewhere around twenty twenty five percent of the portfolio a new issues because we've like we've talked about i've been in the markets along i beg relationships on wall street and on anybody gets new issues when it comes like it by an ipo of a stocks that you have to have good relationships out there so we put a nice bucket in there so we'll get allocations iran par dependent where the bond comes out if we don't get a full allocation will buy some the secondary market and then you know we hold it for a quarter one hundred twenty days than than we generally sold into the market when other people coming in the by a suggestion little nice capital appreciation it's really liquid 'cause there's twosided markets there with the banks and then a creates nice liquidating the portfolio and it doesn't hurt our returns and then about twenty percent of the portfolio is floating rate loans you know you had a headache thirty eight street weeks before a month ago of outflows of of the market so treated a lot opportunities by loans.

barry portfolio manager dodd frank headache ron heller iran twenty twenty five percent one hundred twenty days twenty percent
"portfolio manager" Discussed on Optimal Living Daily

Optimal Living Daily

01:40 min | 2 years ago

"portfolio manager" Discussed on Optimal Living Daily

"Resistant to cancelling them in addition to that i had heard that my credit score might drop if i cancelled them apparently the credit companies like to see a portfolio of credit lines but i decided that i am not a credit card portfolio manager and it was time to let them go i am happy to report that cancelling all of my inactive cards had little effect on my credit in my financial life has simplified substantially looking back i wish i had done it sooner but it's only easy to see why and now that it's done sef goldens explanation of the things we own just being gifts from our past selves really did changed my perspective about the stuff in my life knowing that the effort our past selves used to acquire an own all of those things is refreshing the best part is that our past solved the did the work is now gone that person no longer exists there's only your present self which brings up the next question what gift is your present self preparing to give your future self if everything we acquire in the past is only a gift from our past selves to our present solves than it should be thought that the things we acquire in the work we do today will only be a gift to our future selfs perhaps with this framework of thinking we can find more clarity on what gifts our future selves will actually want to receive while there's nothing wrong with doing something for yourself in the present moment allow the perspective of your future self receiving whatever it is you're about to do or purchase and ask if it's something future you might actually want you may be surprised at what answer you find.

portfolio manager
"portfolio manager" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:39 min | 2 years ago

"portfolio manager" Discussed on Bloomberg Radio New York

"Aaron c and managing director at adviser shares investments dan is also the portfolio manager of the recently launched advisor shares vice etf and founded the vice mutual fund back in two thousand two so now going with this etf so i i actually want to start there since we're talking about passive versus active dan thank you so much for joining us so why look at an etf to do this particular structure rather than to do this vice investing rather than another mutual fund sure well adviser shares does nothing but actively managed etfs but we're big believers that the etf structure wall similar and still a nineteen forty act fund it's a better structure it's a better mousetrap if you will more tax efficient almost all the time usually you can get lower fees a lot of benefits to investors like the ability to use a limit orders and stoploss orders uh we simply like the etf structure much better than a traditional mutual fund and obviously vice is your background to this cut investing and adding going back to the vice sex mutual fund it seems like he has to some extent though is the heightening things sort of socially conscious investing so i'm curious we're you see the appeal here for a vice etf right now well i would even call yes she a new thing it's a very large important part of investing for people but we've all was liked certain areas like.

managing director portfolio manager Aaron c advisor
"portfolio manager" Discussed on P&L With Pimm Fox and Lisa Abramowicz

P&L With Pimm Fox and Lisa Abramowicz

01:52 min | 2 years ago

"portfolio manager" Discussed on P&L With Pimm Fox and Lisa Abramowicz

"Hello is portfolio manager ahead of macro strategies at algebra investments joining us from london two today the fixed income demands more than a fixed approach pit means staying ahead of every changing markets making the most of traditional strategies but also looking beyond them not just finding opportunities for investors but creating them we didn't invent extent cows but we reinvented every day pemco all investments contain raskin they lose valuable investing in the bond market is subject arrests consult your investment professional prior to making an investment decision and and the visit i am so excited for this next segment joining us is a theory and cofounder joseph lubin he is one of the founders of the global a block chain of a theory i'm ed but also he is a uh the founder of global blockchain's specialists consensus and he joins us here in our 1103 a studios joseph thank you so much for being here thanks for having me i wanna start with energy consumption because there have been a number of articles talking about how bitcoin consumes so much energy that it's equal to the entire output of denmark currently and that it will just surge continue a theory i'm consumes less energy but what do you say to people who say bitcoin is killing our earth so i'm not sure that statistic is true lots of people who uh who are a little hyperbolic above that issue um but to a bitcoin and our network of terim do indeed to burn a lot of electricity.

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"portfolio manager" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:21 min | 2 years ago

"portfolio manager" Discussed on Bloomberg Radio New York

"Much more steady fundamental longterm growth and low volatility which traders sate and that's why they keep looking for some ominous sign we see from your notes that you like technology health care tools a capital goods and defence companies if you had to pick one which one would it be well i think technology because before far as the i can see you we should expect to see companies innovated and grow and i must say i've been surprised at how well defence companies have done uh am i guess you uh either safter figures are always be young somewhere in the world they have great fundamentals for increasing cashflow and with this recent development only gonna last year saying it many more countries according to beginning to increase their defence expenditures that says these companies almost look um a little bit like growth companies rather than that cash flow company space strong mostly the us government thank you so much during as much of patel that she is eight managing director at a senior portfolio manager at wells capital management brighter prospects of the trading day here in this part of the world well and asian stocks all center rally that the yen dropping by a gained slightly that up to a boy in japan when it comes on stream in a little while but yep i looked for markets to digest this is bloomberg worthy bloomberg small business report i'm john tucker new york state employers may have to start giving parttime workers two weeks notice other schedules and potentially pay extra third last met at assignments this comes under propose regulations the regulations would have a significant impact on how employers scheduled their parttime employees and the minimum number of hours they can work bloomberg bna's reported jerry silverman says small businesses complain the state is now just piling on regulations won't be who are not happy about particular because the state has a new family leave requirement which is taking effect next year and it's raising the minimum wage the key provisions of the new regulations require employers you men another advance notice of fourteen days rescheduling parttime workers employers would also have to pay to extra hours of pay for lastminute work assignments employers would also have to pay part time or at least four jean burke if their scheduled shifts are cancelled and that's the bloomberg small business report.

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"portfolio manager" Discussed on KBOI 670AM

KBOI 670AM

02:20 min | 2 years ago

"portfolio manager" Discussed on KBOI 670AM

"I would argue sure i mean you can now i agree look i'm the guy coins us profits are the mother's milk of stocks and since late 2015 profits have had a terrific rebound and still looks like they're exceeding expectations so that's a fundamental driver of the rally but i do think almost every portfolio manager want corporate tax cuts and i don't think it's a party issue they just want it better profits better for growth and more of these companies will come home and spend their money here and i think it in there and i think the other part greg if you need confidence index has done very well business small business consumers uh trump to demonstrated and and the senators mentioned this today through legislation and through executive orders they really are rolling back regulations and that's a huge bird huge smaller does this perhaps but still very encouraging science like the usa's oak brook we're not going to punish success we're not going to wage war against business i think that i think that's pretty cool so you know i've got it had the trump factor to this rally you look back to the election data that parade lot of the wiggled could wobbles greg come with tax cuts looked like they'll make it or they won't make it i mean i think that's just the way the market trade listen market has been rallying ever since he was elected everson he began his term by don't forget they were before as well so i'm not sure how much it has to do with the president doesn't hurt they talk about cutting taxes and other types of moves but yeah there is improved confidence like you said when you get improved profit at that come in and employ employment has been uh really impressive for years now and that finally impacting the average person i think too that helps in terms of spending in stock market going up it helps everybody what about the trade bug abode is that talked about well you're hat if it is the extent that we're not as worry when president trump was elected there was a lot of fear that um you know he's not really a republican we all know he's.

portfolio manager usa everson president stock market trump corporate tax executive milk
"portfolio manager" Discussed on BizTalk Radio

BizTalk Radio

01:31 min | 2 years ago

"portfolio manager" Discussed on BizTalk Radio

"So it's tremendously hard too get from there to uh try to get to a place where you've got real customers real members some real recognition were you've started to you know make a difference um and so i think that you know is is the is the hardest part uh we're also it went some creating in a very artist focus sight to a twosided marketplace now with the the people hiring the bands who we've we've brought in and marketplaces or hard uh there's no question because now you've got a uh not only satisfy one group you've got to satisfy to having some critical mass and creating the communication in transactions to in those true groups um gets easier easier the more more critical mass your house go yeah and then what about the biggest success biggest success i think is is uh said were halfway through our our seed round so we have a couple of angel investors who i respect greatly uh bo ones in x or wall street portfolio manager who used to invest for a living so it's really gratifying to have somebody right you a check with their their money and put not only their faith in you but you know back at up with with gahler's cents center so i think that's the biggest satisfaction that i did go great staff thank you so much for your time today really appreciate it thank you we are the biggest entrepreneur platform on the planet death business rockstars.

portfolio manager
"portfolio manager" Discussed on The Future According to Now

The Future According to Now

02:07 min | 3 years ago

"portfolio manager" Discussed on The Future According to Now

"And then there were people who are worried that airbags were unsafe because if they went off at advertently they could damage a passenger in those were like real serious concerns gavin baker is a portfolio manager at fidelity investments it'll be hard to argue against selfdriving cars for long he says especially when its benefits are quantified there will be a vast amount of data on this and we will be able to track accidents per hundred thousand miles million miles the data will be desposited in wool eventually guide you know society and governments and individuals to the right places if we can save hundreds of thousands of lives i think that that is a good thing for humanity and the world on top of that selfdriving cars me that we will be able to largely eliminate traffic we will be able to eliminate parking lots from cities it is going to really alter the fundamental landscape of urban areas all over the world i think in a very positive way gavin feels the evidence is overwhelmingly in favor of selfdriving cars being safer and more ethical i think it is highly likely that in the next fifty years our grandchildren will say to us how were people really allowed to drive cars people who get angry who sometimes driver to the influence of illegal substances who sometimes text while they're driving who are distracted while they're driving who sing loudly while they're driving sometimes who look out the window in rubberduck when is an accident people with all of those flaws were really allowed to drive machines that wait four thousand pounds and two hundred miles an hour how was that ever allowed.

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"portfolio manager" Discussed on Wall Street Oasis

Wall Street Oasis

01:34 min | 3 years ago

"portfolio manager" Discussed on Wall Street Oasis

"So i was in young within diversions rather intervene for to work with the particular portfolio manager who covers a specific industry or may be young generalists somewhere in this role i would have been working with the are the portfolio measure who covers global energy so having someone that had some energy experience was right yet tara tara and they said that exactly said they saw my experience at cheriton and that was really interesting time on because there were opportunities on renewable side that restoring the pick of rights out touring thoang areas and then what to do with it wasn't just two for a few phone reviews than a case study i did my case study on a dynegy or they say joyous pitch as an investment yet which a date i mean the the case it is is pretty broad it's like now take a look at this company tell us where you would invest so you have the opportunity to invest across the capital shirley uh you can best in the company's bonds the bank data you know the equity right to senate long or short so it's yeltin that's that's your work in a massive making right but without the recommendation peace row you took that home and he spent a couple of days looking at that the iaf um and so so the challenge for me was know i worked for where i looked at renew now sowed solar wind geothermal companies and dynegy.

portfolio manager dynegy tara tara senate
"portfolio manager" Discussed on KBNP AM 1410

KBNP AM 1410

01:31 min | 3 years ago

"portfolio manager" Discussed on KBNP AM 1410

"Portfolio manager of orca investment management llc with partial is a growing and more european nations even threatening threw eggs at the you see marketplace prices increase is this reminiscent of the nineteen 20s recession will a good question retention period restriction you we would call market declined cool or federal reserve bank of saint louis does you monthly data on nonforum payroll employment industrial production real personal income and real manufacturing and trade ceo to crap probability of recession at the end of march the data shows a pretty low probability of recession right now you can track pepper usually by going to the federal reserve bank of saint louis looking at their probability chart but right now they're quite low there are many positive development that investors are anticipating among the galore personal corporate taxes oof infrastructure spending there is a potential repatriation of the estimated two and a half trillion dollars held by us corporations overseas there's definitely the lowering of regulatory burden and possibly banking reform that could help ease listening for capital investment so those are just some with the benefits that people are hoping that are going to happen like the the outcome are not of the election there is a renewed optimism for the economy for better job creation for gdp growth and of course the tax cuts which all or even part of these could definitely add to hire of corporate earnings through these factors could naturally help the tone and confidence in the.

Portfolio manager saint louis ceo trillion dollars