“The valuation of emerging markets is half the valuation of the S&P 500 when you look at things like price to sales, price to book…Europe is more popular, I just think EM has more potential upside than ever.”
Larry Robbins, Glenview Capital Management
“A lot of stocks were left for dead because they were in regulatory purgatory, they were in Armageddon land and no one wanted to touch them…Those losers can become winners. Those winners have far to run.”
Clifton Robbins of Blue Harbour Group.
“Companies with high ESG scores just do better,”
Stan Druckenmiller of Duquese Family Office
“….with unemployment below 5% and inflation close to 2%, the Fed’s radical dovishness continues. If the Fed was using an average of Volcker and Greenspan’s response to data as implied by standard Taylor rules, Fed Funds would be close to 3% today….this is the biggest and longest dovish deviation from historical norms I have seen in my career. The Fed has borrowed more from future consumption than ever before. If we have borrowed more from our future than any time in history and markets value the future, we should be selling at a discount, not a premium to historic valuations.”