The Sirens’ Call | Value Investing News

The Sirens’ Call

  • Valuation-sensitive investors are raising cash.
  • Defined benefit plans are net sellers of stock, but not for the reasons I posit in my article — they are doing it to move to private equity and alternatives, and bonds as a part of liability-driven investing.
  • On net, these conditions give some confirmation to what my quantitative model is saying… the market is near a top.
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