Discovering Value in Turmoil

Discovering Value in Turmoil

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Gregory Zuckerman, Special Writer, Wall Street Journal; Author, "The Frackers"


Vanguard’s move into PE may change the landscape forever

Private equity has been growing in popularity in recent years as more and more big-name funds and institutional investors dive in. Now even indexing giant Vanguard is out to take a piece of the PE pie. During a panel at the Morningstar Investment Conference this year, Fran Kinniry of Vanguard, John Rekenthaler of Morningstar and Read More


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?

Banks Book Value