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Strategies & Market Trends : Value Investing

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From: hoyasaxa	11/18/2010 10:18:37 AM
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Just heard James Grant speak in Greenwich. After reading him so many years, delighted to hear him speak and meet him. Of course, talked to him about Norway and its currency. He mentioned that "converted thrifts" appears attractive a current prices, though they are quite illiquid. I'd contend that illiquidity is a pro not a con for investments these days. That liquidity is a double edged sword for which folks are paying too much of a premium, especially as the rush for the exits by the computers trading such a large proportion of invested capital in public securities can make (very correlated) markets move faster than you can hit enter on your keyboard. Of course, thats a reason why the vast majority of my investments are in private companies and assets. And why I am looking hard as more illiquid public securities as well right now (especially those in currencies that are not on the road to debasement like the dollar) to put patient capital to work. Thoughts/comments welcomed.

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