"Passive investing and index investing is a crowded trade. You can't make money in that anymore because indices are already too expensive, and all that money is piled into a few popular names. But the companies that we like ...
these are all stocks that have been sort of babies thrown out with the bathwater," Trainer said. "Their valuations imply that we won't be even back to levels that we saw in our economy five years ago. So, we have a permanent reduction of five years of economic growth. That's what those valuations say. And all I'm saying is, in any scenario better than that, those stocks are going to make you a lot of money.
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