Become an InsiderJason Brady, CEO at $41 billion Thornburg Investment Management, believes that the market will experience higher volatility leading into the elections and year-end driven by economic and political uncertainty.
"If you believe there's higher volatility, cash has a very high option value," he told Business Insider in an interview. "You can turn cash into anything but you can't turn anything into cash." While cash is king for investors in a volatile environment, Brady is by no means asking them to sit on the sidelines by maintaining an above-average level of cash in their portfolios. Rather, the idea is perhaps best summarized by one of Warren Buffett's famous quotes: "Be fearful when others are greedy. Be greedy when others are fearful."
"Everybody's fighting the last war, so large-cap money center banks are looking at credit losses. But their consumer balance sheet is very healthy and large banks have a pretty solid loan book," Brady explained. "They've taken provisions but their provisions haven't been that bad and their actual loss history hasn't been as bad."
Brady has also found bargains in the telecom sector, which he believes has benefitted from the COVID-induced work-from-home environment. "It's not cheap at 23 times P/E but it's not more expensive than the market as a whole ... Typically what this company has done is some combination of returning cash to shareholders in the form of dividends and doing buybacks," he said. "And there's clearly great earnings momentum in the context of people investing in their homes."
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