Two good interviews here with Richard Bernstein and Tom Keene. Bernstein covers the recent rally and broader economic trends and Keene covers the conflicting story being told by credit spreads.
Bernstein:
And Keene:
Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds.Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.
He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.
Onlooker
One interesting comment I noted from Bernstein regarding the rally and the market in general.
“The extreme risk aversion that we saw towards the end of the year, which to me was very healthy, is pretty much gone now.”
Gee, I think I can read between the lines on that one. I want to be healthy. This market is not healthy.
Good stuff. I like this guy. He seems pretty even keeled and not just looking at the short term sugar high we’re getting, like a lot of the investment world right now.
Onlooker
Oh my God. I can’t believe that Dick Bove said that BAC would be OVERcapitalized. What the hell is he talking about? Based on what kind of capital requirements and leverage, and what kind of fairy tale loss rates on loans?
The rest of the video wouldn’t play so I didn’t hear all of it and thus any kind of explanation that might have been forthcoming.
How does he still have any credibility ????