market folly

The Winter 2018 issue of Columbia Business School's Graham & Doddsville newsletter is out.  It features interviews with Lee Cooperman of Omega Advisors as well as David Poppe and John Harris of Ruane, Cunniff & Goldfarb.  Also, they talk with Vulcan Value Partners' C.T. Fitzpatrick, as well as Seth Fischer of Oasis Management.

Cooperman talked about the market's run: "I believe we're adequately priced.  I think we're heading to a normalization.  We have been living through a very strange period."  He doesn't see euphoria in the market yet, though notes everyone expects the market to head higher.  He pointed to 1987 as an example where the market traded at 27x earnings.

The gentlemen from Ruane Cunniff talked about their investment in Alphabet (GOOG) which they recently bought more or and it's now around 10% of their fund.  They also touched on their thesis on Credit Acceptance Corp (CACC).  (We recently posted Sequoia Fund's Q4 letter here.)

The issue also includes student investment pitches including long Staples 8.5 2025 unsecured notes, long FleetCor Technologies (FLT), and long First Data (FDC).

Embedded below is the Winter 2018 issue of CBS's Graham & Doddsville newsletter:



You can download a .pdf copy here.