By Jason Trennert
Considered one of Wall Street's brightest new stars discusses easy methods to navigate trendy markets, for either the quick and long-term traders at the present time are trying to find an exceptional, relied on voice to assist them make experience of turbulent markets. Jason Trennert has develop into that voice. Trennert is a customary visitor on favorite funding courses like CNBC's "Squawk Box," and his boutique study enterprise is well known between funding execs and high-profile Wall road businesses. In New Markets, New suggestions, Trennert outlines an insightful, functional, and forward-thinking method of making an investment. delivering traders with ideas established extra on long term functionality than temporary hysteria, he explores subject matters together with: significant subject matters that would movement markets within the coming decade The hidden yet all-too-real risks of passive administration and index money the place and the way to discover shares and bonds with the simplest risk/reward tradeoff
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Additional info for New Markets, New Strategies: Wealth-Building Habits for Intelligent Investing
Although the comparison makes a lot of my friends in the hedge fund industry cringe, I believe the gold rush mentality of seeking employment at hedge funds is similar to the Internet boom in the late 1990s. While the hedge fund model is inherently more profitable than many of the Internet businesses that were floated in the boom, in much the same way, talented young people—often disenchanted with the slow pace of making it in traditional businesses—sought employment at fledgling Internet companies.
As a result, companies thought they could lower their cost of capital by borrowing more under the old tax regime. As a result, managements retained earnings and raised excessive levels of debt. This proclivity is not inconsequential in the history of the bubble and its aftermath—the growth in aggregate debt levels of both the public and in corporate America was in many ways the single greatest reason massive fiscal and monetary stimulus took so long to take hold. Not only did it hurt long-term returns for investors, it also encouraged poor corporate finance decisions, like bad acquisitions and ill-timed capital spending decisions.
The principal objection to companies actually providing a return to their shareholders, often perpetuated by managements themselves, is that companies that pay dividends are tacitly suggesting they can no longer grow earnings quickly enough to justify growth stock multiples. Although it is impossible to know for sure, this seemed to be at least part of the reason Microsoft, the poster child for large cap growth stocks, was so unwilling to share some of its cash hoard with investors in the form of a dividend.
New Markets, New Strategies: Wealth-Building Habits for Intelligent Investing by Jason Trennert