Robert Marcin is the founder and general partner of Defiance Asset Management. Formerly, Marcin was a partner at Miller, Anderson & Sherrerd and a managing director at Morgan Stanley, where he managed the MAS Value fund (currently Morgan Stanley Institutional Value). He currently writes Marcin’s Stock Diary on WallStreetAllStars.com.
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Robert’s latest columns:
The talking heads contend stocks are reasonably valued or even cheap. Heck, Bubbles Bernanke just said they were within the normal range of valuations when asked about bubbles. He wouldn’t recognize a bubble if it blew him in a back alley. Technically, those contending stocks are normally priced at 16x’s are correct. But that’s the […]
I got really annoyed watching the Bernanke farewell interview yesterday. They just don’t get it. Who is they? That would be both the central bankers and the financial press. No one gets it. Now I am just a rube from a blue collar K&A section of Philly with no special training in economics. All these […]
I am interested in the right numbers. Dismissing price/GDP might be correct or not. We don’t buy shares in GDP. It doesn’t mean that GDP is completely irrelevant though. I use price to actual sales and net margins on actual sales to judge valuation and profitability. So dismissing market cap/GDP is not a victory for […]
So the tide of free money is tabled to go out and the bull market geniuses are caught with their bathing suits down, exposed. And we see who is long and who is short. We have the levered bond bulls (one trade wonders) getting killed, the perma-bull equity guys taking hits but still profitable, the […]
For the past few months, much of the economic data coming out has been sloppy, downright negative some would say. So would the Bloomberg Economic surprise index. But who cares about economic data anymore. We went from being a manufacturing economy to a service economy to an asset speculation supported economy or ASSE. And in this […]
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