Risk is cheap

Diffusion

Paul Quinsee, the chief equities investment officer of JPMorgan Asset Management, remarked in a client note last week that risk looks cheap in the stock market. He noted that the discount assigned to less-predictable companies with more-volatile stocks is wider now than it's been 96% of the time since the mid-1980s.

Valuation gaps aren't a good market-timing mechanism. But they do provide favorable entry points for the kind of long-term investing that the eager buyers of the big, defensive stocks on the 52-week-high list claim to be practicing. 

Value investor 要入场了。

chickencoop

hunting

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