I chatted with Craig Antonie, CIO of Anbro Capital Investments, on the concentration in US markets. The top ten stocks of the S&P 500 now make up a record 40% of the index. The remaining stocks are under pressure and Craig comments that in many ways we’re in a stealth bear market.All-time highs in stocks are extremely bullish but many investors are fearful of them.
Keith McLachlan of Integral Asset Management runs two small-cap actively managed certificates, one offshore and one local. We chatted about the local small-cap fund as it is pretty much exclusively SA Inc, and he’s finding a lot of value even as many of the stocks have moved higher.After being down some 50%, Chinese indices have rallied so far this year. I spoke with PSG fund manager Philipp Wörz about the risks and opportunities in Chinese equities.