CNBS, itself, was funnier than The Daily Show this morning. The fund manager of the Third Avenue Global Value Fund, an outperforming fund, was being interviewed by a handful of CNBS hotshots. "Are you finding any value out there in this depressed market?"
So, he told them a great story about low rated, short maturity corporate bonds being a great buy at yields to maturity of 30-40%. His concept is that cos. like Ford and GM may go belly up, but they have the cash (courtesy of taxpayers) to pay off these securities when they mature. I'm not sure I agree with him, but he has a great record and his bet is reasonably thought out.
"We really want to hear about equities."
"I love Hong Kong real estate stocks."
"No, in the US."
70% of the guy's portfolio is overseas, but they're trying to force him to say he's buying cheap US equities. To his credit, he kept trying to sell them on Hong Kong real estate, but they wanted to hear that GE was a buy. Which he wouldn't say. <G>
These guys ought to be ashamed. Of course, they've never recommended a Hong Kong real estate stock because my old buddy, CHEUY, is too "risky." Not nearly as safe as "Fortress" stocks like Citigroup and GE. <VBG> What a bunch of hoseheads they are. |
