Bull markets are more fun than bear markets

Grant’s Current Yield Podcast

Grant's Financial Publishing, INc.

Investing, Business, Stockmarkets, Financeexpertjimgrantoninvestment, Realestatefederalreserve, News, Business News

4.6 • 693 Ratings

🗓️ 20 November 2018

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

Bob Farrell, longtime Merrill Lynch head of research, celebrated market technician and author of the widely cited 10 Rules for Investors, calls in to share his insights with Grant’s.

2:21 What’s changed, and what’s the same

6:40 “Excesses in one direction lead to excesses in another.” Does that apply to interest rates?

11:20 Capital allocation strategies in a lower-return environment

16:49 Buy and hold and cyclical fluctuations

20:13 Contrarian ideas right now

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Transcript

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0:00.0	Ladies and gentlemen, this is Current Eald, Grant's interest rate observer of the air.
0:10.5	I'm Jim Grant and with me today, as always, Eric Whitehead, who is at the console, spinning
0:15.1	the dials, he's our engineer, and Evan Lorenz, the great Evan Lorenz deputy editor of
0:19.1	grants.
0:20.1	And our special guest is none other than Bob Farrell, the great market technician who
0:24.5	Merrill lived for so many years, was by himself and his own self for so many years and is
0:29.2	in Florida at the moment living large, but still, I think, knowing more about the business
0:33.8	of buying low and selling high than most of us who do it every single day for pay.
0:38.6	So Bob Farrell, welcome to Grant's podcast.
0:41.4	Thank you, Jim.
0:42.4	We have known each other for what, 102 years or?
0:46.0	At least that.
0:47.3	At least that.
0:48.2	Bob Farrell was actually born at the bottom, no?
0:51.2	Were you born around July 5th, 1932?
0:53.7	No, I wasn't born until November 15th,
0:56.4	but in the general region of a major low in secular trends. Would you consider this a major low,
1:03.5	Bob? Where we are now? Yeah. No. We've been going down for as many as like, what, seven or
1:08.7	eight days? People are panicked. Well, I think people are clearly concerned, but I don't think I detect panic except there
1:16.0	individual stocks like Pacific Gas and Electric today down 25% on news. But in general,
1:23.1	we're seeing some things show up like a pickup and put buying, but I don't see extreme
1:28.3	fear or any kind of extreme fear.
	...

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