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Climbing the Wall of Worry—What Clients are Asking

Every day I have many calls with institutional clients all over the world. Their mandates are quite varied from strategic long-only portfolio managers, hedge funds, and tactical traders. During these exchanges, we have the opportunity to hear what front line investors are thinking, worried about, and what they are buying and selling. I always find speaking with the best and brightest that the industry has to offer incredibly valuable and insightful.

The overall market is NOT extremely overvalued despite some areas showing some exuberant behavior. My research and historical work on valuation multiples continues to show that the most important factors that impact valuation levels are still at all-time favorable readings, which supports the current market P/E.

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