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Grey Owl Capital
@GreyOwlCapital
Value-oriented investment firm with go-anywhere, opportunity-driven process and all-season philosophy.
Grey Owl Capital’s Tweets
Took a fresh look at Research Affiliates 10yr annual real return 60/40 domestic stock/bond expects: just 86bps! goo.gl/gyiI6r
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Q letter. High valuations meet investor risk aversion (still). $VRX (long) & $FFH (n/p). goo.gl/63BCgx
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HFs and vanillas have "de-risked?" Low gross & net, high cash? Is system really "de-risked" w/ margin/gdp this high?
Pre-IPO, neg cash flow cos, “you don’t control your destiny, the markets control your destiny” Fido's Baker via goo.gl/ZRAjNZ
Q4 "looks to be third straight quarter in which S&P 500 companies' profits fell versus the prior year." goo.gl/nYsVYe via
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As of 2/5, credit spreads 140bps, 43bps wider y/y. Only 18% of NYSE stocks above 200dma. Significant risk aversion.
Our long $SNR idea in Value Investor Insight 12/15; weighed down by $FIG assoc, etc 11%+ yld goo.gl/auGgFx
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And look, you get paid 6.7% while you BARF.
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FANG Is So 2015… BARF In 2016 valuewalk.com/2016/02/fang-i
Interesting divergence.
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Consensus Long-Term EPS Growth Rate Cut by 4th Largest Amount in 30+ Years I've Been Calculating It
We just passed 500 followers. Thank you for your interest!
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As of 1/5, credit spreads 148bps, 49bps wider y/y. Only 27% of NYSE stocks above 200dma. Also, SPY below 200dma.
Lowry Research discusses "signs of a major market top...a bear market or 20% drop" w/
DON'T buy the dip still holds.
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RE: $JAH $NWL Someone needs to remind Martin Franklin that roll-ups & platform companies "don't work." goo.gl/c4k8tV No pos.
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As of 12/7, credit spreads 143bps, 49bps wider y/y. Only 34% of NYSE stocks above 200dma.
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Lot of pair trades in 3/21/15 interview goo.gl/7ZyRI2 L inward focused / S outward; L substance; S status
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2/2 Opco on $LUK "I-bank's deal-sourcing capabilities with the power of being able to write a large equity check at a moment's notice."
Great Oct '15 MIB interview w/ Lowrys Desmond; Lowrys: "market" topping, bear starting; mp3: goo.gl/kgFGNW #allweather
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No matter how you slice it, market is very narrow.
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The top 10 stocks in the S&P 500 are +13.9%. The other 490 are -5.8%. Largest spread since the late 1990s.
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Long $TLT
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Simple math shows where trend U.S. GDP growth is heading: ½% + ½% = 1% goo.gl/llWxoz
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