Summary of Newsletters (since EAM started sending newsletters)
All newsletters are time and date stamped on Google’s email servers and available for audit
Elliott Asset Management had Nothing Invested With Madoff
1-8-2008 (read more)
Record Lows May Spell Opportunity for Superior Long-Term Returns
– Once again we are becoming more aggressive (like we did in late October of last year)
3-9-2009 (read more)
Before retiring for the evening I reviewed the market news from Asia and read the headline about JP Morgan buying Bear Sterns for $2 per share. One year ago Bear Sterns was trading pennies away from $160 per share and it was believed, despite their large exposure to the US mortgage market, that they were too big to fail. What a humbling week it has been for Bear Sterns executives and investors. At the same time panic set in as to what company would be next to fall on a knife.
3-16-2008 (read more)
Still Attractive Stock Valuations …though many bonds appear relatively overvalued
“I will answer the question that was left unresolved in our last publication: what is our view of the current equity markets’ valuations?” Still Attractive
4-1-2010 (read more)
Interim Report to Investors – Close of the 1 Quarter, 2007
With General Commentary on the state of the US Real Estate Market
4-15-2007 (read more)
You Can Save The World
(And Your Pocketbook!)
An easy and painless 5-step guide to save money, improve national Security, lower inflation, increase the value of the dollar, and even help save the polar bears
5-27-2008 (read more)
Section One: The Real Estate Market Economic and Investment Commentary for June 5, 2008
“The principal reason to heighten our cautiousness…is a once
theoretical catalyst for accelerated real estate depreciation is closer to becoming reality: the implosion of the sub-prime mortgage market.
6-5-2008 (read more)
Should you start thinking about real estate again?
- We didn’t “call” the market bottom (even though it may look like it)
- Last Newsletter’s “Mystery Company” revealed and
- One amazing statistic
6-5-2009 (read more)
The following story is a metaphor to illustrate how people react (and overreact) to current news and events. In this publication I shall try to provide a basis for my readers to observe the phenomenon of market reaction and overreaction (and its affect on market pricing) by using a fictional story about a city called Stockville. The concepts I am trying to illustrate are important and are especially relevant today. Please take five minutes to read and consider the following story. I believe many of you will find it enlightening and helpful.
The Smith Children of Stockville
Stockville is a city identical in almost every respect to any modern American city or town. The people dress the same, have the same jobs, and speak and act the same as you and I. The only difference is that in Stockville everything can be traded as if it were a stock. The “stocks” trade at the local public market. Alongside fresh local meat and produce, traders make markets in services, homes, cars, and even the smallest of businesses. Even a child’s lemonade stand can be readily bought or sold in Stockville’s market. In fact the standard lemonade stand trades in Stockville under the symbol “LS”! And that is where our story begins.
6-13-2010 (read more)
“A Recession May Be ‘Just What the Doctor Ordered'”
The news continues to be bad – and we must prepare for much worse.
Every day the worst-case scenario I presented in the April, 2007 newsletter seems closer to becoming reality. In fact, I am pleasantly surprised by how well the economy has held up in the face of all of the onslaughts it has faced; I would have expected inflation and unemployment to already be much higher than it is. I believe this apparent resilience bodes well for the economy over the long term but, as I stated almost a year and a half ago, the ingredients for a significant recession are all there and things grow more ominous by the day.
7-1-2008 (read more)
So far…a Wild, Wild 2009!
2009 has, so far, turned out to be an interesting year, indeed! Markets went into a free- fall from the beginning of the year through March, only to rebound with one of the strongest rallies ever. And now I believe the markets should moderate. Though I do believe there are still significant opportunities in stocks, I don’t foresee the need for significant asset allocation changes in the near future.
7-31-2009 (read more)
Once Again, Investors Flee from Opportunity… And Into the Fire
Today’s “safe haven” investments (gold and bonds) share similar bubble characteristics as “safe” real estate did and tech stocks did as I similarly warned before those crashes. Despite fears and headline news, stocks and real estate appear to be at extremely attractive valuations.
10-2-2011 (read more)
“A Thousand Popping Hedge Funds”
Well a thousand may be a bit much, but I believe a lot of the noise (crashing) you are hearing on Wall Street now is the sound of the inevitable eventual destruction (and in some cases demise) of hedge funds. Hedge funds may be imploding as their high fees, and flawed mathematical assumptions, multiplied by stratospheric leverage gives those who speculated in hedge funds a dizzying dose of reality. But if we act appropriately then the hedge funds “pop” could be the fizz in our champagne glasses down the road. Due to hedge fund leverage and panicked investors redeeming their shares those funds are now forced to sell investments they otherwise would be buying at these prices.
10-24-2008 (read more)
“A heap of trouble for those expecting [historic bond returns]… lies ahead”
– Bill Gross, PIMCO Investments, October, 2010.3
(Gross is one of the most respected bond investors of our time)
11-1-2010 (read more)