Investor Bill Miller doubles returns in 2019, and says stocks will rise even further in 2020

Investor Bill Miller came back with a bang in 2019, riding the stock market’s relentless rally to record highs. Miller’s firm, Miller Value Partners, posted a return of 119.5% last year net of fees, he told investors in a Jan. 15 letter. Those returns also blew the broader market’s gains out of the water. “Few, if any, predicted a strong stock market given how bad the fourth quarter [2018] returns were. The result was the best stock market in years,” Miller wrote.


Investor Bill Miller came back with a bang in 2019, riding the stock market’s relentless rally to record highs.
Miller’s firm, Miller Value Partners, posted a return of 119.5% last year net of fees, he told investors in a Jan. 15 letter.
Those returns also blew the broader market’s gains out of the water.
“Few, if any, predicted a strong stock market given how bad the fourth quarter [2018] returns were.
The result was the best stock market in years,” Miller wrote.
Investor Bill Miller doubles returns in 2019, and says stocks will rise even further in 2020 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-23  Authors: fred imbert
Keywords: news, cnbc, companies, investor, stock, returns, gains, quarter, value, strong, stocks, 2020, 2019, doubles, rise, markets, miller, market, bill, straight


Investor Bill Miller doubles returns in 2019, and says stocks will rise even further in 2020

Investor Bill Miller came back with a bang in 2019, riding the stock market’s relentless rally to record highs. He also thinks there may be more gains in 2020.

Miller’s firm, Miller Value Partners, posted a return of 119.5% last year net of fees, he told investors in a Jan. 15 letter. Those gains more than made up for the firm’s 33.8% loss in 2018.

Those returns also blew the broader market’s gains out of the water. The S&P 500 rose 28.8% in 2019. Still, that was the index’s best annual performance since 2013.

“Few, if any, predicted a strong stock market given how bad the fourth quarter [2018] returns were. The result was the best stock market in years,” Miller wrote. Stocks sold off sharply in the fourth quarter of 2018, battered by fears of a global economic slowdown and U.S.-China trade tensions.

Wall Street’s strong performance, including Miller Value Partners,’ was driven in large part by easier monetary policy from the Federal Reserve along with easing tensions between China and the U.S.

Miller also noted he kept his holdings intact throughout the final three months of 2019, which led to a fourth-quarter return of roughly 60%.

“In the 4th quarter, we did our favorite thing to do in markets: nothing. No new names and no elimination of holdings from the portfolio. This doesn’t happen as often as it probably should,” Miller wrote.

Miller, who beat the market for 15 straight years while working at Legg Mason, added the market can yield more gains this year. To be sure, it may not be as straightforward as 2019.

“Stocks will not move in a straight line higher even if the bull market continues in 2020, as I believe it will,” said Miller. “Setbacks and corrections should be expected, but unless something causes the economy to tip into recession and earnings and cash flows to decline, which I do not expect even if the geopolitical situation gets grimmer, then the path of least resistance for stocks remains as has been for a decade: higher.”

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Company: cnbc, Activity: cnbc, Date: 2020-01-23  Authors: fred imbert
Keywords: news, cnbc, companies, investor, stock, returns, gains, quarter, value, strong, stocks, 2020, 2019, doubles, rise, markets, miller, market, bill, straight


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Here are top value investor Bill Nygren’s favorite stock picks and how he’s trading Apple now

In a stock market where little is cheap, longtime value investor Bill Nygren revealed what he’s buying. The manager said on CNBC’s “Halftime Report” Tuesday that he holds a “large position” in auto financing company Ally Financial, citing its cheap valuation. In the meantime, you are getting a 2.5% yield,” Nygren said. Ally Financial rallied nearly 35% in 2019, beating the broad market by about 5 percentage points. It underperformed the market in the new year, however, returning just 0.5%.


In a stock market where little is cheap, longtime value investor Bill Nygren revealed what he’s buying.
The manager said on CNBC’s “Halftime Report” Tuesday that he holds a “large position” in auto financing company Ally Financial, citing its cheap valuation.
In the meantime, you are getting a 2.5% yield,” Nygren said.
Ally Financial rallied nearly 35% in 2019, beating the broad market by about 5 percentage points.
It underperformed the market in the new year, however, returning just 0.5%.
Here are top value investor Bill Nygren’s favorite stock picks and how he’s trading Apple now Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-21  Authors: yun li
Keywords: news, cnbc, companies, stock, yield, nygrens, manager, hes, underperformed, bill, financial, cheap, apple, picks, value, investor, nygren, trading, market, valuationit, favorite


Here are top value investor Bill Nygren's favorite stock picks and how he's trading Apple now

Nygren is a portfolio manager at Oakmark Funds. His fund has outperformed the S&P 500 over the past 10 years. He was named on Morningstar’s ultimate stock picker list.

In a stock market where little is cheap, longtime value investor Bill Nygren revealed what he’s buying.

The manager said on CNBC’s “Halftime Report” Tuesday that he holds a “large position” in auto financing company Ally Financial, citing its cheap valuation.

“It sells at seven times earnings, below book value. It’s buying back a lot of the stocks each year. In the meantime, you are getting a 2.5% yield,” Nygren said.

Ally Financial rallied nearly 35% in 2019, beating the broad market by about 5 percentage points. It underperformed the market in the new year, however, returning just 0.5%.


Company: cnbc, Activity: cnbc, Date: 2020-01-21  Authors: yun li
Keywords: news, cnbc, companies, stock, yield, nygrens, manager, hes, underperformed, bill, financial, cheap, apple, picks, value, investor, nygren, trading, market, valuationit, favorite


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Stanley Druckenmiller is still bullish the market because of the Fed and Trump

Hedge fund manager Stanley Druckenmiller said Friday he agrees with fellow billionaire investor David Tepper’s optimism on the market and said he, too, is still “riding the horse.” “I revealed a very bullish posture intermediate term since October when [Fed Chairman Jerome] Powell guaranteed he would not rescind the insurance cuts,” Druckenmiller said in an email to CNBC’s Joe Kernen. “So I am still ‘riding the horse’ and bullish immediate term,” echoing a phrase used by Tepper in an earlier ema


Hedge fund manager Stanley Druckenmiller said Friday he agrees with fellow billionaire investor David Tepper’s optimism on the market and said he, too, is still “riding the horse.”
“I revealed a very bullish posture intermediate term since October when [Fed Chairman Jerome] Powell guaranteed he would not rescind the insurance cuts,” Druckenmiller said in an email to CNBC’s Joe Kernen.
“So I am still ‘riding the horse’ and bullish immediate term,” echoing a phrase used by Tepper in an earlier ema
Stanley Druckenmiller is still bullish the market because of the Fed and Trump Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: thomas franck
Keywords: news, cnbc, companies, bullish, investor, trump, riding, returns, rally, market, term, trade, stanley, hedge, fund, fed, druckenmiller


Stanley Druckenmiller is still bullish the market because of the Fed and Trump

Hedge fund manager Stanley Druckenmiller said Friday he agrees with fellow billionaire investor David Tepper’s optimism on the market and said he, too, is still “riding the horse.”

“I revealed a very bullish posture intermediate term since October when [Fed Chairman Jerome] Powell guaranteed he would not rescind the insurance cuts,” Druckenmiller said in an email to CNBC’s Joe Kernen. “Since then, both have worked out and the Fed is still whining about inflation being below target.”

“In addition, Trump’s election prospects have increased with two trade agreements and big win in Iran which the Democrats have responded poorly to,” he added. “So I am still ‘riding the horse’ and bullish immediate term,” echoing a phrase used by Tepper in an earlier email to Kernan.

Druckenmiller’s comments come as U.S. equities prolong the longest bull market in U.S. history that began in March 2009. The S&P 500 has skyrocketed more than 380% since then and on Thursday reached an all-time high north of 3,300.

The investor said as recently as December he was frustrated he didn’t take more risk in 2019 and was therefore unable to fully capitalize on the stock market’s red-hot rally. The Duquesne Family Office, which Druckenmiller oversees, only broke into double-digit returns for the year in the final weeks of 2019, well behind the S&P’s 29% rally for the year.

He blamed the lackluster returns on his conservative bet in June, when he loaded up on U.S. Treasurys after President Donald Trump sent a tweet in May that inflamed U.S.-China trade tensions. Before that, he said, he had been “93% invested in the market.”

In the early 1990s, at the helm of the Soros Fund Management, Druckenmiller orchestrated a series of trades that capitalized off the British pound sinking and yielded a profit of about $1 billion. His performance while running Duquense Capital, his now-shuttered hedge fund, clocked in with an average of 30% annually to investors.


Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: thomas franck
Keywords: news, cnbc, companies, bullish, investor, trump, riding, returns, rally, market, term, trade, stanley, hedge, fund, fed, druckenmiller


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‘United we fall, divided we rise’: Why tax policy is the key US election risk to stocks

Tax policy is the key risk to U.S. stock prices arising from the 2020 U.S. election, according to Goldman Sachs. Goldman Sachs Chief U.S. Equity Strategist David Kostin told CNBC Wednesday that the best way to think about the U.S. equity market relative to the election is “united we fall, divided we rise.” “What happened in the tax cut is the effective tax rate for U.S. companies went from 27% to 19%, so all of that incremental income inured to the equity investor. That is the reason for stocks


Tax policy is the key risk to U.S. stock prices arising from the 2020 U.S. election, according to Goldman Sachs.
Goldman Sachs Chief U.S. Equity Strategist David Kostin told CNBC Wednesday that the best way to think about the U.S. equity market relative to the election is “united we fall, divided we rise.”
“What happened in the tax cut is the effective tax rate for U.S. companies went from 27% to 19%, so all of that incremental income inured to the equity investor.
That is the reason for stocks
‘United we fall, divided we rise’: Why tax policy is the key US election risk to stocks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-15  Authors: elliot smith
Keywords: news, cnbc, companies, rate, sachs, divided, equity, kostin, incremental, risk, key, election, investor, united, stocks, told, rise, policy, tax, fall


'United we fall, divided we rise': Why tax policy is the key US election risk to stocks

Tax policy is the key risk to U.S. stock prices arising from the 2020 U.S. election, according to Goldman Sachs.

The Wall Street giant sees a durable profit cycle and continued economic expansion lifting the S&P 500 to 3,400 points by the end of 2020, but anticipates that policy uncertainty surrounding the election outcome will keep the index range-bound.

Goldman Sachs Chief U.S. Equity Strategist David Kostin told CNBC Wednesday that the best way to think about the U.S. equity market relative to the election is “united we fall, divided we rise.”

Kostin hypothesized that should the Democratic Party unify control of the House, Senate and White House in November, the current corporate tax rate would likely be elevated back to levels seen prior to the Trump administration’s sweeping tax cuts in 2017.

“What happened in the tax cut is the effective tax rate for U.S. companies went from 27% to 19%, so all of that incremental income inured to the equity investor. That is the reason for stocks being worth more today, it’s just more cash flow is coming to the investor,” Kostin told CNBC’s Joumanna Bercetche at the Goldman Sachs Global Strategy Conference in London.

“The proposals of the major Democratic candidates are to increase corporate tax rates and to take that incremental tax revenue and redirect it towards other social purposes.”


Company: cnbc, Activity: cnbc, Date: 2020-01-15  Authors: elliot smith
Keywords: news, cnbc, companies, rate, sachs, divided, equity, kostin, incremental, risk, key, election, investor, united, stocks, told, rise, policy, tax, fall


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S&P 500 could rise 15% this year — but it’s time to take some profits, says investor

Traders work before the closing bell at the New York Stock Exchange on Aug. 14, 2019 in New York City. Many stock markets globally have continued their strong run into the new year — so it’s time to start taking some profits while waiting for another opportunity to reenter the markets, an investor said on Tuesday. Fentham-Fletcher predicted that the S&P 500 could rise by 15% by the end of this year. He said the climb in the stock index will likely be driven by an improvement in corporate earning


Traders work before the closing bell at the New York Stock Exchange on Aug. 14, 2019 in New York City.
Many stock markets globally have continued their strong run into the new year — so it’s time to start taking some profits while waiting for another opportunity to reenter the markets, an investor said on Tuesday.
Fentham-Fletcher predicted that the S&P 500 could rise by 15% by the end of this year.
He said the climb in the stock index will likely be driven by an improvement in corporate earning
S&P 500 could rise 15% this year — but it’s time to take some profits, says investor Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-14  Authors: yen nee lee
Keywords: news, cnbc, companies, stock, work, 500, think, start, profits, earnings, taking, york, investor, markets, yes, rise, cash


S&P 500 could rise 15% this year — but it's time to take some profits, says investor

Traders work before the closing bell at the New York Stock Exchange on Aug. 14, 2019 in New York City.

Many stock markets globally have continued their strong run into the new year — so it’s time to start taking some profits while waiting for another opportunity to reenter the markets, an investor said on Tuesday.

“I’m actually starting to think about trimming back some of the exceptional gains we had last year and coming through into this,” Simon Fentham-Fletcher, chief investment officer at Freedom Asset Management, told CNBC’s “Capital Connection.”

“So from my perspective, yes, I think it is time to start taking 1, 2, 3% off and … put away some cash (so) that you can come in when there’s a 5 to 10% correction,” he added.

Fentham-Fletcher predicted that the S&P 500 could rise by 15% by the end of this year. He said the climb in the stock index will likely be driven by an improvement in corporate earnings amid a still-strong U.S. economy.

But if earnings don’t recover and continue to slide, the stock market could correct — and investors with some cash on hand could find a window to invest again, he explained.


Company: cnbc, Activity: cnbc, Date: 2020-01-14  Authors: yen nee lee
Keywords: news, cnbc, companies, stock, work, 500, think, start, profits, earnings, taking, york, investor, markets, yes, rise, cash


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Bank of England doesn’t have much room to cut rates, strategist says

Bank of England doesn’t have much room to cut rates, strategist saysMark Oswald, global strategist and chief economist at ADM Investor Services International, discusses the U.K. economy.


Bank of England doesn’t have much room to cut rates, strategist saysMark Oswald, global strategist and chief economist at ADM Investor Services International, discusses the U.K. economy.
Bank of England doesn’t have much room to cut rates, strategist says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-14
Keywords: news, cnbc, companies, strategist, rates, investor, england, global, services, doesnt, international, saysmark, room, bank, oswald, cut


Bank of England doesn't have much room to cut rates, strategist says

Bank of England doesn’t have much room to cut rates, strategist says

Mark Oswald, global strategist and chief economist at ADM Investor Services International, discusses the U.K. economy.


Company: cnbc, Activity: cnbc, Date: 2020-01-14
Keywords: news, cnbc, companies, strategist, rates, investor, england, global, services, doesnt, international, saysmark, room, bank, oswald, cut


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Twitter co-founder and early Beyond Meat investor raises third fund

Ev Williams’ Obvious Ventures announced Tuesday that it raised $271,828,182 for its third fund, bringing its total size to about $585 million. The post referred to the company’s early investment in the alternative meat start-up Beyond Meat, which went public in 2019. “That’s been a fantastic return for us and a fantastic proof point for the work we do,” James Joaquin, Obvious co-founder, told “Squawk Box.” “We don’t think of ourselves as impact investors,” Williams, a Twitter co-founder, said. F


Ev Williams’ Obvious Ventures announced Tuesday that it raised $271,828,182 for its third fund, bringing its total size to about $585 million.
The post referred to the company’s early investment in the alternative meat start-up Beyond Meat, which went public in 2019.
“That’s been a fantastic return for us and a fantastic proof point for the work we do,” James Joaquin, Obvious co-founder, told “Squawk Box.”
“We don’t think of ourselves as impact investors,” Williams, a Twitter co-founder, said.
F
Twitter co-founder and early Beyond Meat investor raises third fund Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-14  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, positive, raised, fund, twitter, cofounder, early, public, world, meat, investor, company, williams, raises, joaquin, think, obvious


Twitter co-founder and early Beyond Meat investor raises third fund

Ev Williams’ Obvious Ventures announced Tuesday that it raised $271,828,182 for its third fund, bringing its total size to about $585 million.

“As we enter our seventh year as a firm, we’ve grown a diverse portfolio of companies that are disrupting huge industries in world positive ways,” the company said in a Medium post.

The post referred to the company’s early investment in the alternative meat start-up Beyond Meat, which went public in 2019. At the time of its initial public offering, the company owned a 9% stake.

“That’s been a fantastic return for us and a fantastic proof point for the work we do,” James Joaquin, Obvious co-founder, told “Squawk Box.”

Obvious focuses its backings on “world positive startups,” including electric bus company Proterra, supplements company Olly, Diamond Foundry, which is developing diamonds in labs instead of mines, sustainable energy company Enbala, plant-based food company Miyoko’s Kitchen and AI-centered Recursion Pharmaceutical.

“We don’t think of ourselves as impact investors,” Williams, a Twitter co-founder, said. “We think of ourselves as financial investors who are choosing things that are addressing major problems. If you figure out how to do that profitably, it’s going to be a huge business.”

Since its 2014 inception, Williams and Joaquin have consistently nodded toward numbers in its fundraising rounds. For its first venture capital fund, Obvious raised $123,456,789. In 2017, it disclosed that it raised $191,919,191, a palindrome. Its latest fund of $271,828,182 is a nod to the mathematical constant Euler’s number, known as “e.”

“This is a tradition for us,” Joaquin said.


Company: cnbc, Activity: cnbc, Date: 2020-01-14  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, positive, raised, fund, twitter, cofounder, early, public, world, meat, investor, company, williams, raises, joaquin, think, obvious


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Watch out for this ‘anomaly’ when buying precious metals like gold, investor warns

You may want to think twice before you go mining for precious metal ETFs. “Gold miners always outperform about two to three times whatever the underlying commodity does, and that’s both up and down,” Grasso said. “So, if gold underperforms and trades down, the gold miners are going to go down about two to three times more. It’s just an anomaly that always happens and you’ve got to be aware of it when you’re investing around a metal.” Gold prices slipped Monday as the potential for a U.S.-China t


You may want to think twice before you go mining for precious metal ETFs.
“Gold miners always outperform about two to three times whatever the underlying commodity does, and that’s both up and down,” Grasso said.
“So, if gold underperforms and trades down, the gold miners are going to go down about two to three times more.
It’s just an anomaly that always happens and you’ve got to be aware of it when you’re investing around a metal.”
Gold prices slipped Monday as the potential for a U.S.-China t
Watch out for this ‘anomaly’ when buying precious metals like gold, investor warns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-13  Authors: lizzy gurdus
Keywords: news, cnbc, companies, investor, times, miners, warns, metals, trade, anomaly, uschina, watch, buying, twice, etf, metal, gold, grasso, precious


Watch out for this 'anomaly' when buying precious metals like gold, investor warns

You may want to think twice before you go mining for precious metal ETFs.

While now might seem like a good time to buy gold, with gold ETFs seeing more than $500 million in outflows in the first few weeks of 2020 as enthusiasm around the typically risk-averse yellow metal cooled, industry pros say investors should be careful where they tread.

That’s because one corner of the precious metals market tends to see outsized swings relative to the metals themselves, Steve Grasso, managing director of institutional sales at Stuart Frankel, said Monday on CNBC’s “ETF Edge.”

“Gold miners always outperform about two to three times whatever the underlying commodity does, and that’s both up and down,” Grasso said. “So, if gold underperforms and trades down, the gold miners are going to go down about two to three times more. It’s just an anomaly that always happens and you’ve got to be aware of it when you’re investing around a metal.”

That’s something for investors to consider as gold prices lose luster on renewed hopes of a U.S.-China “phase one” trade deal being signed this week, Grasso said.

But with gold likely to resume its momentum from late last year — when the precious metal climbed more than 6% in less than two months — the appetite won’t completely fade, particularly as the global middle class grows and uses newfound earnings to buy gold, Tom Lydon, CEO of ETF Trends, said in the same “ETF Edge” interview.

“There’s been a little bit less love, but that doesn’t mean we can’t respect what’s happened with gold,” he said, pointing to the action in the SPDR Gold Shares fund (GLD), which tracks the price of the physical metal, and the VanEck Vectors Gold Miners ETF (GDX).

“GLD was up almost 20% last year. GDX was almost up twice that,” Lydon said. “So, there’s some definite momentum in the gold area. I wouldn’t bet against it.”

Nick Colas, co-founder of DataTrek Research, said in the same interview that gold’s $500 million asset loss this year was simply “caused by gold’s rip in the very back half of last year and some rebalancing of portfolios as we start 2020.”

“I don’t think it’s anything fundamentally bad,” Colas said. “As a matter of fact, central banks are still buying a lot of gold. It looks pretty good for 2020 as well.”

Gold prices slipped Monday as the potential for a U.S.-China trade deal came into focus.


Company: cnbc, Activity: cnbc, Date: 2020-01-13  Authors: lizzy gurdus
Keywords: news, cnbc, companies, investor, times, miners, warns, metals, trade, anomaly, uschina, watch, buying, twice, etf, metal, gold, grasso, precious


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‘Worst thing’ an investor could do right now is take profits, PNC’s Amanda Agati says

If you feel the urge to take profits as stocks hit new highs, PNC Financial’s Amanda Agati has a message for you: Resist it. We still think there’s room for this market to move higher.” But we actually think 2020 is going to shape up to be a pretty solid year.” Agati estimates stocks could be up 10% by year-end. “Even though it may not be a 30% from a return perspective, we still think we can get a pretty solid result,” Agati said.


If you feel the urge to take profits as stocks hit new highs, PNC Financial’s Amanda Agati has a message for you: Resist it.
We still think there’s room for this market to move higher.”
But we actually think 2020 is going to shape up to be a pretty solid year.”
Agati estimates stocks could be up 10% by year-end.
“Even though it may not be a 30% from a return perspective, we still think we can get a pretty solid result,” Agati said.
‘Worst thing’ an investor could do right now is take profits, PNC’s Amanda Agati says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-12  Authors: stephanie landsman
Keywords: news, cnbc, companies, profits, stocks, solid, pretty, agati, thing, market, pncs, theres, 2020, investor, think, amanda, actually, worst, told, right


'Worst thing' an investor could do right now is take profits, PNC's Amanda Agati says

If you feel the urge to take profits as stocks hit new highs, PNC Financial’s Amanda Agati has a message for you: Resist it.

According to the firm’s chief investment strategist, the market is not at peak levels.

“The worst thing that clients and investors can do with the market at current levels is pull the plug and go underweight equities,” she told CNBC’s “Trading Nation” on Friday. “There’s time left on the clock. We still think there’s room for this market to move higher.”

Her analysis came shortly after the Dow crossed 29,000 for the first time ever. It’s now up 32% since 2018’s historic Christmas Eve market drop. The S&P 500 is on fire, too — soaring almost 40% since then.

“We actually have a fairly favorable view for 2020,” she said. “I’d like to see this rally take a little bit of a pause or slow down a little bit just for the fundamentals to catch up. But we actually think 2020 is going to shape up to be a pretty solid year.”

Agati was optimistic going into last year, too. She told investors not to stop believing in the bull market despite the wild swings. Her advice paid off. Stocks reached unprecedented record high levels in 2019.

“It can be very painful to get too defensive too soon,” added Agati. “We’ve had a handful of opportunities to actually do that really since December 2018, and it would have been a mistake.”

Now, she sees another bullish dynamic unfolding.

She calls 2020 a “tale of two halves.” Agati expects the first half will be dominated by improving fundamentals and earnings growth.

By the second half of the year, she warns uncertainty surrounding November’s presidential election could inject volatility into the picture and create downward pressure.

However, her thesis calls for a resilient market boosted by sustainable re-acceleration of earnings and global growth. Agati estimates stocks could be up 10% by year-end.

“Even though it may not be a 30% from a return perspective, we still think we can get a pretty solid result,” Agati said.

Disclaimer


Company: cnbc, Activity: cnbc, Date: 2020-01-12  Authors: stephanie landsman
Keywords: news, cnbc, companies, profits, stocks, solid, pretty, agati, thing, market, pncs, theres, 2020, investor, think, amanda, actually, worst, told, right


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Investor flows show there’s no euphoria for this bull market, which means it could keep going

A trader works on the floor at the closing bell of the New York Stock Exchange, December 30, 2019. This suggests the bull market may still have some room to run. Investment flow data shows that individual investors were largely net sellers of equities in 2019, even as corporate buybacks helped push the market to record highs. The lack of widespread participation suggests that the market hasn’t hit a moment of euphoria or “blow-off top” that often precedes a pullback. The same data showed that th


A trader works on the floor at the closing bell of the New York Stock Exchange, December 30, 2019.
This suggests the bull market may still have some room to run.
Investment flow data shows that individual investors were largely net sellers of equities in 2019, even as corporate buybacks helped push the market to record highs.
The lack of widespread participation suggests that the market hasn’t hit a moment of euphoria or “blow-off top” that often precedes a pullback.
The same data showed that th
Investor flows show there’s no euphoria for this bull market, which means it could keep going Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-09  Authors: jesse pound
Keywords: news, cnbc, companies, highs, showed, theres, market, investor, means, flows, data, suggests, euphoria, clients, investors, going, wars, stock, bull, net


Investor flows show there's no euphoria for this bull market, which means it could keep going

A trader works on the floor at the closing bell of the New York Stock Exchange, December 30, 2019.

The stock market’s indomitable run to continued record highs despite fears about trade wars, real wars and a recession still has not been enough to lure most investors off the sidelines and into stocks.

This suggests the bull market may still have some room to run.

Investment flow data shows that individual investors were largely net sellers of equities in 2019, even as corporate buybacks helped push the market to record highs. The lack of widespread participation suggests that the market hasn’t hit a moment of euphoria or “blow-off top” that often precedes a pullback. That will only happen when these investors finally capitulate and flow back into stocks on fear of missing out on more gains.

With the market “trading at fresh all-time highs, the investor participation has been light, and the bear capitulation is likely to have legs,” J.P. Morgan strategists said in a note to clients Monday.

There appears to be no change in that pattern as the calendar turned to 2020. Data from Bank of America Securities showed a $550 million net outflow for the bank’s clients during the first week of the year. The same data showed that the clients were net buyers of equities in 2019, but that was driven almost entirely by corporate buybacks. Individual investors were the biggest net sellers.


Company: cnbc, Activity: cnbc, Date: 2020-01-09  Authors: jesse pound
Keywords: news, cnbc, companies, highs, showed, theres, market, investor, means, flows, data, suggests, euphoria, clients, investors, going, wars, stock, bull, net


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