Profits and Prophets: September
From September 2006
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Cheap Stocks, No Bull
Did steep declines in global equity markets in June signal the bull market was over or merely catching its breath after an exhausting stampede of rising share prices?While Wall Street gurus and investors tried to figure out whether it was safe to buy stocks again or if they should sell, sit back and wait for a recovery, bargain hunters were trolling for attractive prospects among the bottom feeders,— basically healthy companies with sound fundamentals that hadn’t participated in the bull run.
“There are a lot of cheap stocks out there, but whether they represent good opportunities is the question,” says Brent Cardwell, senior investment manager at Wells Fargo Private Client Services in Roseville, who manages $285 million in assets for Sacramento-region investors.
“Healthcare has been beaten up quite a bit, so there’s the perception of a lot of value in there, but I don’t really see it that way,” he says.
Valuations, Consolidations
One sector of special interest is telecommunications, described by Cardwell as participating in a bit of a renaissance since the first of the year because of valuations and industry consolidations.
“Emerging out of the doldrums are Verizon and cable provider Comcast. We’re buying Comcast,” he says. The company provides cable, entertainment and communications products and services.
Continued...
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