Two strategists this morning lay out the case for why they're buying stocks, even after this year's advance of more than 25 percent. Ordinarily we'd attribute this to bulls blinded by dollar signs coming into year end, though in this case the data is compelling.
Hartford Financial Services Group Inc. warrants climbed to twice the price they sold for in a U.S. Treasury Department auction three years ago, benefiting investors such as Bruce Berkowitz and John Paulson.
U.S. stocks and Treasuries rose, as improving economic data offset concerns that the Federal Reserve will cut monetary stimulus as soon as next month. The euro strengthened after German business confidence climbed to the highest in more than 1 1/2 years.
U.S. stocks rose for a seventh week, sending the Dow Jones Industrial Average to the longest stretch of gains in almost three years, as improved data on employment and retail sales offset concern over a cut in monetary stimulus.
Stan Druckenmiller, who has one of the best track records in the hedge-fund industry over the past three decades, said he’s betting against shares of International Business Machines Corp. while wagering on younger technology companies such as Amazon.com Inc.
Hedge-fund managers including David Tepper, Ray Dalio and Daniel Loeb will help raise $5 million to fight poverty in New York by sharing some of their best trading ideas with attendees of the Robin Hood Foundation’s inaugural investors conference, said the charity’s executive director.
Stan Druckenmiller, who has one of the best track records in the hedge-fund industry over the past three decades, said he’s betting against the shares of International Business Machines Corp. because the company’s business will be replaced by technology such as cloud computing.