"This is a waiting game"
Radio Feature 68: James Montier in conversation with Sona Blessing
Wednesday, March 20, 2013
James Montier is a member of GMO's Asset Allocation team. Prior to joining GMO in 2009, he was co-head of Global Strategy at Société Généralé. He has authored several books including "Behavioural Investing: A Practitioner's Guide to Applying Behavioural Finance; Value Investing: Tools and Techniques for Intelligent Investment"; and "The Little Book of Behavioural Investing". James is a visiting fellow at the University of Durham and a fellow of the Royal Society of Arts.
In this podcast he talks us through amongst others why in many ways he thinks this is the most difficult opportunity set an investor can face ...
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"This is a waiting game"
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Asset allocation "when the Fed spikes the punch bowl".
Thoughts on the opportunity set within commodities?
Identifying investment opportunities now: where and which might they be?
What in your view are likely exogenous shock factors and what could be in the short term, some of the opportunities they would lead to?
What makes this particular investment environment so challenging?
The rationale for adjusting equity exposure allocations in the context of financial repression; and the role that dividend yields play in raising equity exposure.
Strategies - The 'Holy Grail' hedge fund strategy to handle a black swan the size of World War I, Hedge funds get more pushback on terms as enthusiasm for strategy wanes [more]
The 'Holy Grail' hedge fund strategy to handle a black swan the size of World War I
From IBTImes.co.uk: To illustrate a strategic gap common to today's portfolio managers, George Sokoloff, PhD, founder and CIO at Carmot Capital, proposes an interesting thought experiment – a breakdown of Institutional investors - Investors set to increase allocation to private debt, With investment income key, Richmond retirement system faces funding challenges [more]
Investors set to increase allocation to private debt
Investors are set to increase their allocation to private debt, with 60% revealing they believe the private debt market will grow over the next 12 months, according to a new study by Elian, a leading funds services provider.
41% Investing - Hedge funds snap up banks, unload Apple, Some of hedge funds' favorite stocks are finally starting to beat the market, Einhorn's Greenlight shifts positions, Treasury yield climbs to two-month high as Fischer joins hawks, 9 stocks smart investors put their money in last quarter [more]
Hedge funds snap up banks, unload Apple
From Barrons.com: Prominent hedge funds have a newfound love of big banks, and some have a distaste for shares of Apple, regulatory filings released last week show. The filings suggest that the funds have been pivoting their portfolios in recent mon Chesapeake energy seeks $1 billion loan to refinance debt [more]
From Bloomberg.com: Chesapeake Energy Corp. is seeking a $1 billion loan as the company battered by cratering fuel prices and credit downgrades takes a step to address its $9 billion debt load. The natural gas producer hired Goldman Sachs Group Inc., Citigroup Inc. and Mitsubishi UFJ Financial Group Institutions - Nordic pension funds magnify focus on unlisted and direct investing, building up teams [more]
From IPE.com: As bond yields remain at low or negative levels, pension funds and other institutional investors in the Nordic region are stepping up efforts to find higher returns by adding more unlisted investments to portfolios and are expanding in-house teams in order to do this, according to new