GREAT VALUE INVESTOR JOEL GREENBLATT ON SOME REVOLUTIONARY IDEAS FROM HIS NEW BOOK, COMMON SENSE

One of the biggest issues to emerge from the pandemic is income inequality. It has become even more pronounced as millions of low-income workers lose their jobs and the much smaller number of high-income workers keep theirs and benefit from a powerful bull market.

This week’s guest is on a crusade to change this dynamic, by giving opportunities to lower-income individuals and their families to achieve economic success.
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CRISIS INVESTING WITH VETERAN PORTFOLIO MANAGER, HERSH COHEN

We are in a rolling economic crisis right now, subject to the vagaries of the advance or retreat of the COVID-19 virus.  It is an ever-changing scenario with stark winners and losers.
 
The economy contracted at an annualized rate of 32.9% in the second quarter, the sharpest decline in the 70 plus years of GDP tracking.
 
After several weeks of improvement, jobless claims for first-time unemployment benefits rose for the second week in a row. 17 million Americans are now collecting unemployment benefits.
 
So far, the markets have been betting on COVID’s retreat and global economic recovery with big tech leading the way.
 
How to handle these extremes as investors?
 
As we have so many times in the past, on this week’s WEALTHTRACK we are calling upon a veteran investor to give us perspective and investment advice.
 
We’ll hear from great investor Hersh Cohen, Co-Chief Investment Officer of Clearbridge Investments. With more than 50 years of managing money under his belt, Cohen edged out the S&P 500 with much less risk and volatility than the market.   

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SAFE HAVEN INVESTING WITH FPA NEW INCOME FUND’S TOM ATTEBERRY

Safe haven investments are hard to find these days, which is why we need them more than ever.

We are faced with risks we haven’t experienced in living memory. A truly global and spreading pandemic, rolling government lockdowns, unprecedented involvement in securities markets by the Federal Reserve and other central banks, and massive stimulus from governments with payments to individuals and businesses.

Normally when corporate and government debt soars to record levels bond markets get nervous, bond prices fall and interest rates rise as investors worry about getting paid back.

Not in today’s environment. The Fed has essentially pledged to keep short-term interest rates near zero and backstop numerous types of loans to prevent businesses from going bust and laying off workers.

That assurance and the “don’t fight the Fed” adage seem to be enough for most fixed-income investors who continue to chase yield, driving bond prices up and interest rates down.

Not this week’s guest. Tom Atteberry is a Portfolio Manager of the flagship FPA New Income fund. Atteberry brings us up to speed on conditions in the bond market, and how they have changed since Covid-19.

Atteberry will also share his One Investment recommendation with us – it might surprise you!

WEALTHTRACK Episode #1704; Originally Broadcast on July 24, 2020

Listen to the audio only version here:

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THOMAS H. ATTEBERRY

• Portfolio Manager,
• FPA New Income Fund

OWN SOME SAFE HAVEN INVESTMENTS

• VOLATILITY ON THE UPSWING
• MORE FREQUENT MARKET DISLOCATIONS
• GROUP THINK DRIVEN BY ALGORITHMIC TRADING

No Bookshelf titles this week.

HOMEOWNERSHIP OPPORTUNITY

CONSIDER BUYING A HOME

• Record low mortgage rates
• Below historic rate of home price appreciation
• Makes long-term sense

No stock mentions in this episode.

Archive episodes available soon.

WHY TRADITIONAL BONDS ARE HIGH RISK, BUT MUNIS HAVE ADVANTAGES. TWO TOP BOND MANAGERS EXPLAIN

Posted on February 2, 2018

Two influential bond managers explain why municipal bonds still make sense and so many corporate and Treasury bonds don’t.
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PANDEMIC CHANGES

Award-winning short-term fund manager, Tom Atteberry reflects on some of the longer-term adjustments he is making in his personal and professional life as a result of COVID-19.

PANDEMIC UNCERTAINTY RISKS AND A RENEWED EMPHASIS ON GOLD AS A LONG TERM SUBSTITUTE FOR CASH

There are a few moments in one’s lifetime when the geopolitical and economic backdrop truly changes. COVID-19 and its aftermath are one of those moments. I call it “The Pandemic Pivot”.
The combined shocks of a highly contagious and in some cases deadly virus, global economic shutdown, rising populism, and global unrest are upending the old world order and introducing new disruptive dynamics yet to be fully realized.
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ALL THE REASONS TO BE BULLISH WITH LEGENDARY VALUE INVESTOR BILL MILLER

We are living in extraordinary times. We are calling it the Pandemic Pivot: the changes that have occurred or accelerated because of COVID-19 and the dramatic response to it, from economic shutdown to massive life support.
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