Nice new paper out, “Unbundling Hedge Fund Beta” which finds that hedge funds are good at timing the market. This is not surprising to me, as the Hedge Fund Masters tracking portfolios (and initial data out of AlphaClone) tend to follow the market on the downside, then have much higher upside returns. AllAboutAlpha summary here.
—-
I don’t know anyone saying, “man, I can’t wait to be long stocks this weekend!”. However, almost ALL of the indicators are screaming buy, at least for a short term bounce.
—-
The Tiger Cubs are in a lot of pain.
—-
Hour long Buffett interview.
—-
Stocks trading at or below cash at least give you a nice floor to the downside. Cheap Stocks tracks an index of profitable companies trading below NAV.
Lots of stocks trading below cash – here are a few from Barrons (and the rest from my screener):
TRID
GSIG
AEG
BMA
ACTS
SCMR
ZAP
KONG
If I had a buy and hold portfolio, I would be buying closed-end-funds hand over fist. Nice paper on historical closed-end fund discounts: “The Bubble of 1929: Evidence from Closed-End Funds“.
Chart courtesy the folks at TFS:
