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Video Transcription - Page 1
"Everts Sees Opportunity in Asia Stocks "
Host : Paul Gordon
Todd G. Everts: Well there are a lot of systemic problems. First of all if we look at the market we break it down to 3 types of investors you have the guy in the street who’s bought a mutual fund or an investment trust, you’ve got the long only pension plans, the large super annuation type of funds and then you’ve got the hedge fund managers. The man on the street, especially in the US, just got their quarterly statement, that’s a 43 billion dollars of outflow just last week alone. So as they’re getting their statement they’re seeing how dramatically down and worse since last June and knowing that they have a few years to retirement, they can’t stomach it, they’re putting in this redemption which is continuing to affect the market. The second investor which is the large long only pension plans, they actually have some cash. They could come in to the market and we could see in the next couple of weeks, one or two days of those days where we have a dramatic uplift, so for many people it’s important to stay in the market so that they can participate in that. The third investor is the hedge fund and that’s what is really crippling the market. They’ve received their notification of their redemption request as of October 1st, they got to meet those redemptions by year end, the banks have reduced their leverage or terminated their leverage and many of them need massive amounts of leverage to find the arbitrage in their strategy. And lastly with LIBOR rates so high, although there’s a lot of liquidity in the market the banks aren’t ready to lend and hedge funds have to borrow money if they can borrow at very high rates.
Host: So bad news out there even the valuations as we note are very low, BHP Billiton, world’s biggest mining group trading at 4.3. We’ve got at the moment Singapore, Hong Kong and Australia all trading at a…of 9 or 9 and a half or so. Quite a lot higher for instance the NASDAQ still up at 15 but then there’s some growth stocks in there…I mean what would you do as an investor right now? Do you take advantage of these bargains if you got the cash or do you wait for the more bad news to come out?
About Bloomberg Edge
Bloomberg Edge with Paul Gordon. Learn to make money the way financial professionals do—putting the technological power of the Bloomberg behind your investing. Paul Gordon leads viewers through an hour of unique perspectives and market insights using the Bloomberg professional terminal to unlock value and show opportunities lurking beneath the surface of the day's headlines. He'll talk with money managers who have proven track records and will feature analysis viewers cannot find from any other source. Viewers will be able to seek advice on some of their own investment strategies—using the same tools that nearly 300,000 professionals around the world use every day.
Host: Well the MSCI emerging markets index has tumbled more than 50 percent
over the last year…hit worse than stocks in the US…Asian markets ahead of their
worst weakly close ever this week. Our next guest says there could be more bad news
to come…joined by Todd Everts, president and chief executive of Wall Street Global
Investment…Good day! Thanks for joining us today. Much more bad news out there,
you think? How much?
Bloomberg Edge with Paul Gordon. Learn to make money the way financial professionals do—putting the technological power of the Bloomberg behind your investing. Paul Gordon leads viewers through an hour of unique perspectives and market insights using the Bloomberg professional terminal to unlock value and show opportunities lurking beneath the surface of the day's headlines. He'll talk with money managers who have proven track records and will feature analysis viewers cannot find from any other source. Viewers will be able to seek advice on some of their own investment strategies—using the same tools that nearly 300,000 professionals around the world use every day.
Todd G. Everts: Well there are a lot of systemic problems. First of all if we look at the market we break it down to 3 types of investors you have the guy in the street who’s bought a mutual fund or an investment trust, you’ve got the long only pension plans, the large super annuation type of funds and then you’ve got the hedge fund managers. The man on the street, especially in the US, just got their quarterly statement, that’s a 43 billion dollars of outflow just last week alone. So as they’re getting their statement they’re seeing how dramatically down and worse since last June and knowing that they have a few years to retirement, they can’t stomach it, they’re putting in this redemption which is continuing to affect the market. The second investor which is the large long only pension plans, they actually have some cash. They could come in to the market and we could see in the next couple of weeks, one or two days of those days where we have a dramatic uplift, so for many people it’s important to stay in the market so that they can participate in that. The third investor is the hedge fund and that’s what is really crippling the market. They’ve received their notification of their redemption request as of October 1st, they got to meet those redemptions by year end, the banks have reduced their leverage or terminated their leverage and many of them need massive amounts of leverage to find the arbitrage in their strategy. And lastly with LIBOR rates so high, although there’s a lot of liquidity in the market the banks aren’t ready to lend and hedge funds have to borrow money if they can borrow at very high rates.
Host: So bad news out there even the valuations as we note are very low, BHP Billiton, world’s biggest mining group trading at 4.3. We’ve got at the moment Singapore, Hong Kong and Australia all trading at a…of 9 or 9 and a half or so. Quite a lot higher for instance the NASDAQ still up at 15 but then there’s some growth stocks in there…I mean what would you do as an investor right now? Do you take advantage of these bargains if you got the cash or do you wait for the more bad news to come out?
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