Discovering Value in Turmoil
Glenn August, Founder and CEO, Oak Hill Advisors
John Calamos Sr., Founder, Chairman and Global Chief Investment Officer, Calamos Investments
Matthew James, Chief Strategist and Head of Research, CQS
Matthew Natcharian, Head of Structured Credit, Babson Capital Management
Anne Walsh, Senior Managing Director and Assistant Chief Investment Officer, Fixed Income, Guggenheim Partners
The global swoon in stocks this year, and the multiyear plunge in commodity prices, have unnerved many investors. But this should be an exciting time for value-focused investors who excel at identifying bargains in times of economic and market turmoil--and have the conviction to buy when everyone else is selling. A key question, however, is how to avoid "value traps": assets that look cheap by many measures but turn out to have a lot further to go before bottoming. That was the story with oil, which fell for much of 2014 and 2015 despite analysts' repeated predictions of stabilization or reversal. This session will explore how investors can distinguish an asset's market price from its intrinsic value. What are some of the most attractive opportunities today among equities, bonds and real assets? Is the U.S. corporate profit recession altering investors' views of fair prices for equities? What new paradigms in asset pricing emerged out of the financial crisis? Against the backdrop of anemic growth, how do investors discover a true bargain?