Michael Mauboussin on Consuelo Mack WealthTrack

Michael Mauboussin is the Chief Investment Strategist, Legg Mason Capital Management  and Author of The Success Equation
"... I think today the most interesting anomaly that I see continues to be what is high equity risk premium. So in plain words, you think of a risk-free rate of return. In the United States, a 10-year Treasury note is a good proxy for that. And that's today about a 1.8% yield. An equity risk premium is the return above and beyond that you would expect for taking on additional risk on equities. Now, over the long haul, that equity risk premium has been about three or four percent, something like that, and today, by most reckoning, it's a lot closer to six percent. It's very, very high. So to me, I don't know if it's bonds going down, in other words, yields going up because bonds going down, or stocks going up or some combination of these two things, but I have to believe, if you said to me three to five years what's a good thing to bet on, I think it's going to be that equity risk premium shrinking… so it could be, again, because of bonds doing poorly, equities doing well or some combination thereof. 

Yeah, so I mean, go long equities would be one answer, but it's really the relationship between equities and bonds I think is the most... equities versus bonds."

Steve Romick on Consuelo Mack WealthTrack,

(from Oct 19, 2012)
A rare interview with Steve Romick of FPA Crescent. Romick describes how he is keeping his five-star rated fund on top by balancing the forces of inflation and deflation and continuing his contrarian, value-oriented strategies.


On CNBC (Oct 8, 2012)
Steven Romick, First Pacific Advisors, reveals his two favorite stock picks. He also says why he is not bullish on bonds. "You're not getting paid to play if you are buying high-yield bonds," he adds. Picks include Rhino Resource Partners, Omnicare (institutional pharmacy with a 40% share in delivering drugs to nursing homes with new management), Renault (stakes in Nissan and Volvo exceed the value of the company)

David Rosenberg on Consuelo Mack WealthTrack

Rosenberg recommends "reliable dividend growth and dividend yield" via Canadian and US Preferred shares, Energy infrastructure, and Utilities

Andrew Lo on Consuelo Mack WealthTrack

Don Yacktman on Consuelo Mack WealthTrack

Yacktman  loves Pepsi ("like shooting fish in a barrel")

Bill Miller and Paul McCulley on Consuelo Mack WealthTrack (Part II)

Here's part 2 of Consuelo Mack's WealthTrack interview with Legg Mason’s Bill Miller and former Pimco bond guru, Paul McCulley. [Part 1 Here]

Paul McCulley ("EMERGING CONSUMERS")
- Buy emerging market stocks
- Specialize in housing sector
- Lowest levered balance sheets in the world

Bill Miller ("GLOBAL EXPOSURE")
- Buy U.S. large cap stocks
- S&P 100 or S&P 200
- High quality
- Global reach
- Less risk

Paul McCulley and Bill Miller on Consuelo Mack's WealthTrack

After a few forgettable interviews, Consuelo Mack's WealthTrack is back with a must-see interview with mountain man Paul McCulley of Pimco fame, and fallen angel Bill Miller who is leaving mediocre asset manager Legg Mason on a low note after producing truly awful performance during the financial crisis and thereafter. The two have an interesting discussion on the macro and the micro and how these two forces need to interact.

The late, great Peter Bernstein and Charles Ellis on Consuelo Mack Wealthtrack

Andrew Lo on Consuelo Mack WealthTrack

Lo teaches at MIT, and is one of sharpest academics out there. He's written some stellar papers on the financial crisis and hedge fund replication.

Chuck Royce on Consuelo Mack WealthTrack

Noted small cap value investor Charles 'Chuck' Royce was on Consuelo Mack this weekend. He believes that most people should be overweight equities, and is skeptical of the returns people can get from alternative assets and fixed income.

Matt McLennan on Consuelo Mack WealthTrack

Matt McLennan, Portfolio Manager at First Eagle Funds, is the hand-picked successor to legendary investor Jean Marie Eveillard. He tells Consuelo Mack where he's finding value these days.

Ed Hyman and Bob Doll on Consuelo Mack WeathTrack

Donald Yacktman on Consuelo Mack WealthTrack

Yacktman is a well known value investor who runs two deep value mutual funds out of Austin, TX. Both funds have excellent long-term records. He sees outstanding valuations in today's market. Yacktman is a fan of Microsoft, Cisco, and News Corp, and his #1 stock pick is Pepsi.

Phil DeMuth and John Hathaway on Consuelo Mack WealthTrack

Michael Mauboussin on Consuelo Mack,

Mauboussin is the chief strategist at Legg Mason and the author of a couple of well-received books.

Mark Holowesko on Consuelo Mack's WealthTrack

Noted value investor Mark Holowesko (of Templeton fame) was interviewed on Consuelo Mack's excellent WealthTrack show. Definitely worth checking out:

David Rosenberg on Consuleo Mack

Bruce Berkowitz on Consuelo Mack's WealthTrack

Beleaguered fund manager Bruce Berkowitz was on Consuelo Mack's WealthTrack recently. As is well known, Berkowitz has a huge bet on financials (Bank of America, AIG) and real estate (St. Joes), and his fund has been severely hammered this year.
Berkowitz  is Morningstar’s "Fund Manager of the Decade"