By Reuters Staff. Reuters - U. Republican presidential candidate Donald Trump on Friday announced his team of economic advisers, among whom are a hedge fund manager, a former top steel executive and a former high-ranking U. Trump said he would deliver a speech on his economic policy plan on Monday. Here are some facts on the members of his economic team:. Paulson is best known on Wall Street for his bet against the overheated housing market in that netted him and his investors billions of dollars in profits.
He is known for making contrarian bets and being patient. He has been one of only a handful of hedge fund managers to have publicly endorsed Trump. Many others have said privately that they are still on the fence or leaning toward his Democratic rival, Hillary Clinton. Feinberg is chief executive officer of Cerberus Capital Management LP, a private equity firm he co-founded in He headed the investment firm during its failed takeover of automaker Chrysler in Feinberg had promised to revive the company, according to a New York Times profile, but instead lost billions.
He ultimately had to appeal to Washington for help. Malpass served under two previous Republican administrations, first as a deputy assistant Treasury secretary for President Ronald Reagan and later as a deputy assistant secretary of State for President George H. Malpass, in a CNBC interview on Friday, called for greater infrastructure spending as well as tax cuts, trade reform, regulatory reform and energy reform, although he gave few specifics.
Malpass has been a vocal critic of the U. Malpass, who was also previously chief economist at investment bank Bear Stearns, now runs Encima Global Llc, an investment consulting firm. Navarro is the only adviser on the list with a doctorate in economics and the only one who has spent most of his life as an academic. Lorber is president and CEO of holding company Vector Group Ltd, whose three subsidiaries make cigarettes as well as e-cigarettes.
Verified Purchase. David Dreman is a very good writer. The book is enjoyable to read. He offers a few case studies of successful investments. I gave it three stars because he spends a great deal of time revisiting financial moments in history that are well-covered elsewhere. For example, this new edition of the book spends many pages re-hashing the sub-prime crisis, tech bubble and Long Term Capital Management meltdown.
I found this to be tedious, well-trodden ground. If you're a reader who hasn't been exposed to these stories, then you will find them enjoyable or, I should say, frightening. Also, I would have liked a chapter on "here's how I go about finding investment candidates".
However, more often than not, a deeper dive into the numbers reveals a company that is cheap for a reason. Of course its hard to find investments. Buffett and Munger only fund a few every year that they like. So I am not under an illusion that Mr. Dreman's book was going to be the holy grail for finding brilliant stock picks. Still, it would have been nice to know more about Dreman's methodology.
He helpfully offers that his fund is available for those who wish to partake in his methods. One person found this helpful. On the one hand, I agree with much of what the one-star reviewer said in that the book is a bit long and spends too much time trying to convince the reader that markets aren't efficient.
It seems like Dreman is trying to do too much: write a useful, practical book that the individual investor can use in making smarter investment decisions and at the same time establishing his academic bona fides. The second goal could have been attained by summarizing the existing literature on the topic and providing all the references a curious reader might have needed to explore the topic in more detail.
I also got the impression, like the one-star reviewer, that Dreman feels slighted by the academic community for not taking him seriously when, in fact, he turned out to be right. Perhaps this is justified, but I thought it veered off course a bit without adding anything for someone simply looking for practical investment advice. On the other hand, because psychology is so important in investing but the average investor still doesn't seem to realize that, Dreman needed to spend some time making his case for exactly why the strategies he would eventually present are effective.
I think the book is organized such that an intelligent reader would be able to figure out what parts could be safely skimmed and which should be paid attention to if not all the material is of interest. The weakest part of the book is the analysis of the ongoing financial crisis. In my opinion, the moral hazard introduced by the government, including the Federal Reserve, by bailing out the big banks is the single most important factor that created the current crisis.
The Fed's big bailouts started soon after it was established and has conveyed to the big banksters that the Fed will always come to the rescue if things get bad. So go ahead and take as much risk as you want since you won't have to pay the penalty, and as long as things work out, you get to keep your winnings. And of course the most recent bailouts did nothing to lead the banksters to believe this won't happen continue. However, the strategies and psychological considerations make the book a worthwhile read, in my opinion.
While it's not the best book on investing I've read, it's certainly not the worst, either. I enjoyed the writing style and the author clearly communicated a proven long term investment strategy. Definitely recommend. Why would you buy this book? In my opinion this is a must have book! Let's assume you understand stocks; if you believe in Market Efficiency Theory you come to the right place, because David Dreman may provide a reality check for you.
He has put together his extensive research for over 20yrs of stock performance and the information is just amazing. This book will give you psychological guidelines to keep your head from being speculative. It will make you mind strong in the investment world and most important to stick with your opinions. Here is the thing in my opinion, if you already are a contrarian Thinker you can reinforce your approach to the market, But the first page of the book will drive you crazy like happened to one of the reviewers, because Dreman destroy the EMT.
If you don't follow EMT just skip the pages and when you finish the book come back to the page and read it. After the page the book gets really interesting and powerful. Dreman conducted a numerous experiments that is really worth reading. Also is a good book for reference on your library don't throw this book away it will serve you well in the next bubble either cloud or gold, : So buying this book is worth every penny.
I absolutely love this book. Dreman is the master. He shows how there are investment opportunities because markets tend to overreact. All we have to do is just wait patiently for those opportunities. I love this book more after seeing my stocks just getting torpedoed for no apparent reasons and just to recover in a few months. I intend to keep this book as a reference in my investing library.
A great read considering that value investing is probably gonna be the way to go in the near future, more so than ever before. See all reviews. Top reviews from other countries. Very very detailed studies proving the contrarian case. Worth taking out a paper portfolio and trying for yourself. Great book and should be a must read for anyone interested in Human psychology!
Obviously finance and investing focussed, but if you're watching today's stock markets??? A useful book for anyone venturing into stock screening. I read it through, and felt more confident about what I was doing thereafter. Report abuse. Useful book giving good insights and perspective. Top notch book. This book is rightly called as a value investing classic and every Value investor should read it and ideally own it.
If you understand his message and follow his contrarian value investing ideas then it will help you become better and more successful investor. If you find any small percentage left then those may be true contrarian value investors. May be less than in my opinion. These are the guys who do their own research and analysis and go against the tide to invest in currently unloved, discarded, hated and avoided stocks. Later they sell the same stocks to growth investors when the business turns around and stock zooms.
You need certain temperament to do this. This book also covers lot of details on behavioral finance. And succinctly explains why buying cheap but solid companies pays rich dividends in the market. Highly Recommended for novice, and serious value investors.
He points out that copper has led this cyclical bull market since early see chart below. But as you can see, copper recently changed direction to the downside. So, Cohen is concerned that this is ushering in the beginning of a declining market trend. Is Dr. Source: StockCharts. Germany no longer has the stomach to fund bailouts or targeted growth initiatives. The ECB is unwilling to print money at this point — and this is the only short-term solution to sure up the footing of European economies.
The EFSF is insufficient. And furthermore, GDP projections for may prove to be too optimistic, as current growth projections are positive for all periphery countries. The Chinese housing bubble appears to be bursting, as the their top 15 cities saw housing tumble in October. And while China has strong long-term growth potential thanks to strong demographics , it is certainly vulnerable to a sharp pullback in the near-term.
As a result of his study, Mr. Cohen has created the proprietary Cohen Global Risk Index. The Cohen Global Risk Index uses all of the top tools that hedge funds use, the thinking of top financial minds, and over data points to create a simple and practical risk index on a 1 to 5 scale. Rick Campagna sees significant headwinds that will dampen global economic activity. The developed economies are over-leveraged, and upcoming spending reductions will serve to reduce global growth.
In the larger context, stock markets appear to be in eleventh year of a year secular bear market. So Campagna believes investors should stick with capital preservation and tactical asset allocation. Things are looking better in the near term — a narrow window of improving economic activity in the US has opened, Campagna believes.
There are no shortage of outside factors that could derail this cyclical rally, though — the European sovereign debt crisis, to name one. Debt throughout the developed world will be a perpetual overhand to growth, Campagna believes. Increased consumer and government debt drove growth over the past few decades, and that party is now over. US consumers are still highly levered, but these debt levels are finally starting to decline.
Campagna says the reason QE3 has been jawboned not enacted is that QE2 was not effective. It pushed commodity prices up, which then slowed the economy -opposite the intended effect! QE2 also signifcantly weakened the dollar, and he believes a strong dollar would be better for US growth more on this below.
Over the next five to ten years, he says at minimum they will need to steady this level of capex investment, and possibly shrink it. A potential China slowdown is bad for commodities, of course, as they are the marginal buyers of many commodities and regular readers know well that commodity prices are made at the margins.
I had to ask the question at the end of the presentation because I feared I misheard earlier. A strong dollar…good? A strong dollar puts more money in the pockets of consumers — he believes that if the dollar was stronger, gas prices would be lower, and food prices would be more under control. To learn more about investing with Rick and his North Capital fund, contact Glenn Cohen via email at Glenn cohenwealth. Email address:.
By checking this box I agree to the terms of Contraryinvesting. Toggle navigation ContraryInvesting. Home Premium Newsletter Subscribe Contact. In summary, no outcome for Europe looks good. When the Dot com bubble started to deflate, an investor would have profited by avoiding the technology stocks that were the subject of most investors' attention.
Asset classes such as value stocks and real estate investment trusts were largely ignored by the financial press at the time, despite their historically low valuations, and many mutual funds in those categories lost assets. These investments experienced strong gains amidst the large drops in the overall US stock market when the bubble unwound.
The Fidelity Contrafund was founded in "to take a contrarian view, investing in out-of-favor stocks or sectors",  but over time has abandoned this strategy to become a large cap growth fund. Contrarians are attempting to exploit some of the principles of behavioral finance , and there is significant overlap between these fields.
For example, studies in behavioral finance have demonstrated that investors as a group tend to overweight recent trends when predicting the future; a poorly performing stock will remain bad, and a strong performer will remain strong. This lends credence to the contrarian's belief that investments may drop "too low" during periods of negative news, due to incorrect assumptions by other investors, regarding the long-term prospects for the company. Furthermore, Foye and Mramor find that country-specific factors have a strong influence on measures of value such as the book-to-market ratio.
This leads them to conclude that the reasons why value stocks outperform are both country-specific and behavioral. From Wikipedia, the free encyclopedia. Investment Strategy. This article has multiple issues. Please help improve it or discuss these issues on the talk page. Learn how and when to remove these template messages. This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources.
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