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Notes From Omega’s Leon Cooperman on CNC
Leon Cooperman gave a very impressive interview recently on CNBC. Among his thoughts:
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The United States is in the early stages of an economic recovery, but with the market doubling in the last year optimism should be tempered.
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Stocks remain attractive relative to inflation, market history (relatively modest P/E ratio of 12.5-13.5) and interest rates.
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High money market fund balances and pension fund cash reserves should push stocks higher.
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He views stocks favorably since the other choices — including credit and Treasuries (he is short those) are not attractive.
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He views government attempts at liquidity management (i.e. QE2) as destroying the incentive for people to save money.
Overall a great video clip and worthy of a view.
About the Author
Ben Warwick, Quantitative Equity Strategies
Veteran investment strategist Ben Warwick brings 20 years of investment management expertise to AdvisorOne.com in his blog, Searching for Alpha. His market and economic insights provide readers with an insider’s view on generating alpha through asset allocation, the use of strategic portfolio “tilts” and alternative investments.
Ben Warwick founded Quantitative Equity Strategies (QES) in 2002 as a platform for implementing his quantitative investment strategies. The firm manages assets with traditional long-only equity and fixed income, private equity, managed futures and alternative investment mandates. QES has developed an industry leading expertise in building investment programs that can replicate alternative returns, while offering daily liquidity and transparency. These products include the HFRq, a hedge fund replication strategy developed in concert with Hedge Fund Research in Chicago; the Managed Futures Beta Index, with Aspen Partners; and the Nomura QES Modeled Private Equity Returns Index (PERI), which was developed with Nomura Bank and Preqin, the leading source of information in the private equity industry.
He is the author of several books, including "Searching for Alpha: The Quest for Exceptional Investment Performance," (Wiley, 2000) and "The Handbook of Managed Futures," with Carl Peters, (McGraw-Hill, 1996). He can be reached at ben@qesinvest.com.
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