Comments
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JDFund manager misses out on 18 months of gains. Would rather listen to fund managers who killed it
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JVHe should take a look at uranium!
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NRReally interesting and timely interview, especially after this week where the market finally seems to woke up to the ridiculous valuations. Smart, humble guy.
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usGreat!
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raI am an accredited investor and I would like to get on Eric's client list so that when he starts back up, I can receive a call. Very difficult to find an asset manager with such integrity !
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ALIf disciplined value investors like Eric are unemployed then we know we are very near the peak. Should create an indicator of how many value funds going out of business and replace Case Schiller
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BLGreat interview of a very principled man. Closed his fund because he didn't see opportunity and did not want to collect fees for "laddering t-bills". I would happily invest with this man and pay the fee. Worth paying for someone telling me to be out as well as in.
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CSLets get this straight: The small stock guy is out; the tech stock guy is out (Hickey); and the maverick is out (Hendry). I think a trend, save passive investing, is forming. I'd love to know (we know Hickey has some in gold) where these guys are putting their own cash.
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ksFound his method for evaluating stocks very interesting. Would like to hear his rationale for using a RRR of a credit analyst vs a more traditional model..?
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DSExcellent interview. One mitigating factor is the effect of the lower US corporate tax rate in 2018 and after. A lot of big-cap companies were not paying a 35% tax rate on income in 2017. It is possible that some small-caps were paying 35% and will now pay 21%. If so, they might be closer to Eric's criteria. With his broad knowledge of small-caps, he may be able to exploit this one-time change. DLS
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ARFantastic interview.
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KKThere are still a few opportunities in global markets where valuations are still relatively reasonable. They have become more of a rarity recently but I believe they are still to be found if one looks outside the US.
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FVBrilliant!
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TENow thats real fiduciary duty! ..bit surprised he doesn't see value in PM mining space though
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CMCan't say enough good things about this interview. Perfect for those of us that look to invest on a longer horizon versus trading.
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JHReally impressed by Eric - both his technical expertise and thoughtfulness, as well as his integrity. Takes courage, discipline and insight to hand back capital when you're making great money...but he knew something was wrong and he stuck to his guns. In this odd-ball market, he just lost the love of the game. Why? Because the game has changed, and it is now significantly rigged by central banks, complicit governments, ZIRP and the move to passive. And, let's not forget, the advent of algorithmic trading. It's no wonder the likes of Eric and Hugh Hendry are washing their hands of this nonsense. It's no longer a free market, in my view - my two cents, anyway.
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KAVery helpful to me...i know i'm not wired to deal with small caps! Thank you.
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BOso, What currency and value do we put on integrity...... Priceless!
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TBGreat interview. Like his style.
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AGThe pain of being out of the market too early! Less painful than the ride down will be. I wonder if when the crash happens if the ETFs will amplify the selling of good stocks. With a panic and forced selling the good goes out with the bad. With such a high % of small caps in ETFs there should be a lot of indiscriminate selling. Now is the time to make a wish list, and when the purge happens buy the bargains. But it is tough to sit mostly on cash while things keep going up.
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JcJust wait until the bubble really starts. Every fundamental investor will be in the graveyard by the time this bubble is over. Human's aren't wired to be early by 3-5 years. It is very tough emotionally. Much better to learn some charts and technical factors. Grab a surf board and ride the waves. The water is nice.
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RAKudos to Curator Milton for this one (right on top of the Hugh Hendry) and a hat tip to this Gentleman for treating his investors so well. Where but on RV do you think we would be exposed to this dynamic? Very helpful Video, IMO.
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TCI am still a bit perplexed by why people use the same valuation metrics when interest rates are significantly lower than before... why P/S and shiller P/E should be in same range when interest rate is so low? I can see the argument if one thinks we are going back to 5%. However, this is a very admirable money manager who has the highest ethical standards.
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ADA clear voice of reason and integrity. Thanks RV
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rrThanks Eric, you demonstrate what Advisors are to be. Kudos RV, providing content subscribers are willing to pay for. Have someone ask the Q's!
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DMIt seems he understands how to manage pain to produce progress
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NHjust makes you think how many managers are hugging an index because of job risk and what the repercussions might be at a later date.
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agVery useful interview. Many thanks to RV for this.
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MGWhat a G. True rarity in a sea awashed with mediocrity and lack of integrity. Made the best call by exiting on a high. 99.9% riding the passive wave are in for a rude awakening.
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SWHonor. Integrity. There's at least one left in the world for whom these still matter.
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LJexcellent