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Saturday, July 03, 2004

The Joy of Cash by Whitney Tilson

Value investor Whitney Tilson scours the investment universe regularly, but says he's found few juicy pitches. So he coolly bides his time and holds onto his cash. Should he worry? Not according to Warren Buffett and other superinvestors. Whitney tilson says, "For a value investor like me, this is the most difficult investment environment in at least 10 years. Not because the overall market is hugely overvalued -- given the apparent strength of the economy and the growth in corporate earnings, I think it's moderately overvalued. The problem is I can't think of any sector of the market, or any asset class at all, that is distressed, and that's the type of situation value guys typically buy into. Large caps, mid caps, small caps, growth, value, industrials, financials, tech, services, retail, commodities, private equity, high-yield bonds, treasuries -- the list goes on and on, and none of it is cheap". Tilson writes,"Waiting for bargains to emerge may seem like a better strategy than overpaying for securities today, but tomorrow's valuations may still be higher still. Standing apart from the fully invested crowd for significant periods of time can be a grueling, humbling and even demoralizing experience".

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