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Behind the Markets - Podcast (Interview with Martin Fridson)

On February 22, 2019, Martin Fridson was interviewed by Jeremy Schwartz on the podcast "Behind the Markets" (Wharton Business Radio). "High Yield is very expensive .. trading at over two standard deviations from fair value ... This is extreme and unusual." "Outstanding supply of high yield bonds has been decreasing over the last two years ... there is great demand for yield around the world!" "MLPs look cheap and offer good value" "For clients that have both taxable and tax-deferred accounts, the location of the securities in the right accounts is essential ... tax-advantaged instruments like MLPs, REITs and municipal securities ... many preferred issues offer (tax-advantaged) qualified divi

Cash is (almost) King!

Cash is back in style. Money-market funds saw their assets grow by $2 billion in between year-end and January 17, 2019 according to Thomson Reuters Lipper. Cash allocations in investment portfolios are up for the first time since 2011, Goldman Sachs reports. The Wall Street Journal’s account further notes that those percentage allocations reached an all-time low last year. Investors’ desire to take some money off the table after a rapid run-up in stock prices is not a new development of the last month or two. Neither is there anything new about the widespread hunch that keeping some dry powder will pay off as better buying opportunities emerge down the road. Whatis different from most of

  1. "Best ideas", R. Cohen, C. Polk, B. Silli, 2010

  2. "How active is your fund manager? A new measure that predicts performance", M. Cremers, A. Petajisto, 2009

  3. "The inefficient stock market", R. Haugen, 2002

  4. "The triumph of the optimists", E. Dimson, P. Marsh, M. Staunton, 2002

  5. "From efficient market theory to behavioral finance", R. Shiller, 2003




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