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I just got back from the Money Show conference in Las Vegas where I delivered a couple of presentations. I gave one on the state of the biotech sector and another one on where I am finding value in what I believe to be at least a slightly overbought market with no earnings growth to speak of.
I found my audience was a bit more somber than in years past; although, they seem to be maintaining their resiliency despite the challenging market of the last year and a half. This contrasted to the mood at the nearby SALT conference in the Bellagio which is an annual hedge fund confab. After years of underperforming the market and seeing an increasing out-migration of both governmental and corporate pension funds, this meeting of the financial “Masters of the Universe” was almost a wake. At least I hear it was, I think my invite might have got lost in the mail this year.
All kidding aside, it has been a rough go for both the retail and professional investor ever since the Federal Reserve drew down its last “quantitative easing” program in the fall of 2014…
Source: Investors Alley