This value fund bought CBS just before the Viacom merger

At this point, fund managers have been talking about a market top for so long that the conversation has virtually become a broken record. However, these conversations are necessary and will continue until the next recession. Generation PMCA, a value fund, discussed the market top in its third-quarter letter to investors, which was reviewed by ValueWalk.

Q3 2019 hedge fund letters, conferences and more

Signs of a market top

Randall and Herb Abramson of Generation PMCA said in their letter that the market doesn't currently seem overvalued to them. This differs from other market highs when it did seem like...