When it was discovered ValueAct Capital returned $1.25 billion in investor assets last week, or nearly 8% of its asset base, it came as a shock. But reading between the lines of the April 3 letter to investors reviewed by ValueWalk and piecing together the market panoply, the move seems restlessly prudent amid what Federal Reserve commentators said were “quite high” market valuations.
![ValueAct Capital](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%20350%20350'%3E%3C/svg%3E)
ValueAct recognizes stocks are priced on a relative basis to other investments
It is not just that the stock market is trading at a median multiple of 18 times...
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