Trapeze: Hunting for Value In An Overbought Market

The latest newsletter titled ‘Turning Over Rocks’ from Herbert Abramson and Randall Abramson of Trapeze Asset Management is themed on the difficulty of finding value investment opportunities in markets that are fully valued and probably overbought.

“The equity markets have benefited from the huge inflows from low-yielding bond funds into U.S. equity funds. We don't believe that a bear market is looming, merely that a healthy, overdue correction could be near. And that, from current levels, the upside is likely to be below average, particularly because the S&P 500 (INDEXSP:.INX) is already 7% above our Fair Value...