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HOWARD MARKS: THE RALLY HAS OUTPACED THE FUNDAMENTALS

23 January 2010 by TPC 3 Comments

The legendary Howard Marks is increasingly skeptical of the rally in equities.  His latest memo to clients is a must read:

“One thing is indisputable: the rally in financial markets worldwide has outpaced the fundamentals. At the beginning of 2009, most onlookers expected a generally weak economy and were concerned that the behavior of consumers and banks would remain conservative. They were 100% right, and fundamentals are still tenuous.  And yet, the rally has exceeded all expectations of which I’m aware.”

Read the piece in its entirety here.

Source: DealBook

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3 Comments »

  • cc said:

    tpc, may i ask if you are short or long now?
    thanks

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    EmilyP Reply:
    January 22nd, 2010 at 11:41 PM

    he sold into the rally a few days ago. not sure if he is short now or not. http://pragcap.com/three-things-i-think-i-think-5

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    # 22 January 2010 at 11:35 PM
  • bluebare said:

    Must read, indeed. Outstanding. Thanks for posting.

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    # 24 January 2010 at 8:16 PM