Monday, June 14, 2010

Trapeze Asset's Quarterly Investment Letter (Q1 2010)

I have a lot of respect for the guys at Trapeze but that doesn't mean I always agree with them. While reading their recent letter (below) I froze when I hit the following paragraph:
... because we believe the market is severely oversold, should stop going down and a rebound to begin, we are currently fully invested (even using some leverage in margin accounts) and have no short positions. From today’s attractive valuation levels, the market is much less vulnerable to market declines.
That's a gutsy market call. As someone sitting on ~40% cash, I obviously disagree. Unlike other market forecasters, however, I admire them putting their money where their mouth is.

TAMI - Q1 2010 Newsletter

We receive a lot of letters from fund managers but we're really picky about which ones we share with readers. If you're interested in your letters being featured on My Investing Notebook, shoot me an email.