Market Intelligence

Bill Nygren, Portfolio Manager, Oakmark Fund ~   On selecting a mutual fund: “If I were trying to identify such a manager I would look for the same things we look for in the management teams of companies we invest in: an individual track record of success,...

Managers of the Dodge & Cox International Stock Fund ~     “We continue to utilize the same investment approach that has served Dodge & Cox clients well for over 80 years. We seek to identify well-established companies that have attractive long-term earnings and cash flow prospects, which...

John Rogers, Jr. Chairman and CEO, Ariel Funds ~        “Although the pain still lingers for many, one would think as the financial crisis becomes more of a distant memory and the market continues to reap strong gains, investor interest in public equities would build accordingly.  And...

Richard Bernstein, CEO, Richard Bernstein Advisors ~     “Investors have just simply refused to believe that there is still a business cycle.  You go back three or four years, and the cycle was never going to rebound.  It was gloom and doom forever.  It was almost a...

Bruce Berkowitz, Manager, The Fairholme Fund ~     (Madison note: These comments are excerpts from an interview with Bloomberg TV): “At The Fairholme Fund we've had about 97 five-year periods. At the end of every month, we go back five years to measure 5-year performance. We've beaten the S&P...

O. Mason Hawkins, Chairman, Southeastern Asset Management ~     “The beliefs that U.S. profit margins will decline to their historic mean and that earnings will grow at permanently lower rates have exacerbated skepticism over future equity returns. We are not macro-based investors, but we have a different...

Charles Royce, President, The Royce Funds ~     (Madison note: Charles Royce, age 73, has now been managing small-cap portfolios for 40 years – his investment results have been impressive, averaging 11.79% per year over the last 40 years) “I’m not thinking about retirement or anything like...

John P. Calamos – Chairman, CEO & Co-CIO, Calamos Investments ~     "One of our favorite sayings, ‘History doesn’t repeat, but it rhymes’ is popularly attributed to Mark Twain.  History shows volatility, uncertainly and unknowns have always been a part of the investing landscape.  Economies expand and...

Gordon Crawford, Portfolio Counselor at the American Funds After 41 years in the investment business, Gordon Crawford is retiring in 2012.  Gordy reflects on past and future markets in the following quotes.  ~    “I remember the crash of October 1987, when the stock market went down 20% in one...

Jeff Auxier, President and Manager, Auxier Focus Fund ~     “The Federal Reserve has unleashed unlimited quantitative easing (QE3) in response to sluggish economic conditions. This printing of money adds a powerful short-term tailwind for asset prices, encourages greater risk taking and helps lift investors’ animal spirits....