Not exact matches
We sell our units on a continuous basis at initial offering prices
of $ 10.00 per Class A unit, $ 9.576 per Class C unit, and $ 9.186 per Class I unit; however, to the extent that our net
asset value on the most
recent valuation date increases above or decreases below our net proceeds per unit as stated in the Company's prospectus, our board
of managers will adjust the offering prices
of all classes
of units to ensure that no unit is sold at a price, after deduction
of selling commissions, dealer manager fees and organization and offering expenses, that is above or below our net
asset value per unit as
of such
valuation date.
3) The Hussman Strategic Growth Fund has gradually shifted from smaller to larger capitalization holdings in
recent years, not out
of any necessity due to Fund size (at the Fund's current
asset level, we could easily populate the Fund with mid-caps if it was optimal to do so), but precisely because large stocks generally carry the best relative
valuations.
That valued the Dodsland
assets at 15 times debt - adjusted cash flow, which was more than twice the
valuation of recent sales.
Pluris» proprietary LiquiStat database includes
valuation data from
recent sales
of illiquid
assets: restricted stock, warrants, options, convertibles, auction rate securities, structured products, bankruptcy claims, private company stock, and limited partner interests.
Specifically, the All
Asset strategies»
recent strong performance (see Figure 1) may be attributable in large part to four fundamental drivers
of global capital market returns: the breakeven inflation rate (BEI), EM currency
valuations, EM - to - U.S. cyclically adjusted price / earnings (CAPE) ratios and the global value premium.
the European periphery is a bubble («The Euro crisis is not over... the European economies are not going to change for the better for years to come despite all the cheating and breaking
of laws»), Value investors need to venture to Russia («when you look at today's opportunity set, you're left with a set
of assets where nothing looks attractive from a
valuation point
of view») or buy gold mining stocks -LRB-» The down cycle could be much bigger than anybody believes if the market realizes that all the actions taken in
recent years do not work.»)
Yet
recent academic research suggests that the poor returns
of growth stocks (ie, firms with high
valuations) and the excess returns
of value stocks (ie, companies with low
valuations) can largely be explained by differences in capital spending and
asset growth.
In this edition, we feature a Business Insider summary
of a
recent Baupost letter, a summary
of Guy Spier's approach to using checklists, a video
of Tom Russo's talk at Google on «Global Value Investing», a ValueWalk article on Pzena
Asset Management, an FT article on Steve Jobs which analyses the start - up conditions at Apple; plus two more videos at the end
of this issue — one from Bill Miller on why he thinks now is the perfect time to buy US stocks, the other from London Value Investor Conference speaker Jean - Marie Eveillard who speaks about market cycles and the risks he sees ahead from «
valuation problems» brought about by quantitative easing.