Can the S&P 500 squeak by with another winning session? Watch for comments from Fed Chairman Jerome Powell to come and another Treasury bond auction. We’re working toward that time of year when Wall Street wizards start rolling out equity forecasts for the year to come. Based on where the S&P 500
stood on Wednesday, less than half are going to be right, though they’ve got nine weeks to turn things around.
Our call of the day comes from the founder of the long-biased hedge fund ValueWorks, Charles Lemonides, who expects stocks to struggle “for the next number of quarters at the very least,” having been in the grips of a bear-market rally this year. Not that such a set-up scares Lemonides, who manages $300 million at ValueWorks. “If you can identify really good assets, and you can find them at 50 cents on the dollar, that’s going to work out well over time,” he told MarketWatch in a recent interview. “Because we’ve been in this challenged environment for so long, the number of those things that are really mispriced is large, and the ability to look through them, and find the best among them, is great.” The manager hedges his bets with varied picks — “security-specific and very distinct [from] one another.” One of his favorite stocks right now is small-cap holding Hyster-Yale Materials
a lift-truck and after-market parts maker, that he …
a lift-truck and after-market parts maker, that he …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]