Morningstar has a great interview with one of my favorite investors – Steve Romick, manager of the FPA Crescent Fund, which receives a Gold Morningstar Analyst Rating:
- Morningstar – Romick: What I’ve Been Buying
He makes the case that when investors have paid high prices for stocks in the past; they have received meager and even negative returns over long periods of time. Conversely, when investors have been able to buy stocks at relatively low valuations, their returns have been very good over the following decade or more.
Full disclosure – I have money invested in this fund.
Another investor I admire – but don’t currently have any money invested with – is Jeffrey Gundlach, the founder of Doubleline Capital. There is a great interview with him today:
- Finanz und Wirtschaft – Gundlach: Negative interest rates are the dumbest idea ever
He does a great job explaining why negative rates are such a bad idea – highly recommended reading.
Leave a Reply