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The Quality Quandary
by Herbert Abramson, Randall Abramson of Trapeze Asset Management, 9/9/18

As value investors, we are always on the lookout for bargains—stocks or bonds that are trading at prices below our estimate of Fair Market Value (FMV). Both research and common sense dictate that the greater the discrepancy between price and FMV, the better—it provides a higher possible margin of safety and implied upside.

Myths and Misconceptions
by Herbert Abramson, Randall Abramson of Trapeze Asset Management, 9/21/17

History shows, and investment strategists tout, that small cap stocks are the best performing asset class. While small caps outperformed the runner-up, large cap stocks, over the last nearly 100 years, research has shown that the outperformance hasn’t persisted over all multi-year time periods and that the outperformance is concentrated in microcap stocks.

Tricky Times Two
by Herbert Abramson, Randall Abramson of Trapeze Asset Management, 7/1/16
A continuation of our last quarterly letter, “Tricky Times.” And, we emphasize again that this is a period of unusual crosscurrents. At the top of the list is the troubling amount of global debt, with government debt at around $60 trillion and with corporate debt almost equal thereto. Global debt to GDP is almost 300%. And the U.S. problematic too, with government debt equal to its GDP at around $20 trillion and growing faster than its economic growth.

Half Full or Half Empty
by Herbert Abramson, Randall Abramson of Trapeze Asset Management, 5/28/15
The ultimate question for investors. Is the glass half full, that is to say are economic backdrops improving to support attractive valuations, or to the contrary, half empty, deteriorating and threatening full valuations?

Hide and Seek
by Herbert Abramson, Randall Abramson of Trapeze Asset Management, 2/28/14
Hide and seek. A game investors played as children but should not forget these days. Currently, investors need to hide safely to protect from some unfavourable developments in an environment that could hurt them.

Turning Over Rocks
by Herbert Abramson, Randall Abramson of Trapeze Asset Management, 12/3/13
The S&P 500 is at a record high and we believe the markets generally are fully valued. Corporate revenue growth is anemic, profit margins are stretched, and the prospect of earnings rising meaningfully is not high. And, the outlook for the U.S. and global economy is still uncertain. Market psychology is at a level suggesting the market is overbought. Margin debt is at record levels and the current popularity of stocks by retail investors at market highs is in itself a red flag.

The Great Migration
by Herbert Abramson, Randall Abramson of Trapeze Asset Management, 2/27/13
We are value investors dedicated to creating portfolios for clients, whether growth (equities), income or a balanced blend of both, of undervalued securities with meaningful upside potential and a margin of safety to guard against permanent loss. For us, the bottom-up factors are the most compelling, but we are also mindful that we need to take account of the top-down macro factors. We know how the Crash of ?08 and the accompanying recession created havoc for investors, including us, no matter how undervalued stocks were.
7 results found.