Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Activist Keith Meister Says This Year’s Market Rally and Last December’s Sell-Off Made Us Break Even

In a yesterdays’ CNBC “Squawk Box” program, Corvex Management’s Keith Meister was a guest and he shared his views on the current and the future market state. Corvex Management is an NYC-based activist hedge fund launched back in 2011 with $250 million of seed money from George Soros. The fund had activist successes at the very beginning doubling its assets in two years since its inception.  At the end of 2016, the fund managed around $7.4 billion in assets. Prior to founding his own firm, Keith Meister was billionaire Carl Ichan’s right hand. He graduated from the University of Pennsylvania with a BS in Economics and from Harvard College with an AB Cum Laude in Government.

Yesterday, Keith Meister first explained that there was actually the perfect storm in December last year, because of many factors, such as toxic trade war with China and market perception that the Fed was going to hike into recession. As a consequence market sentiment was poor, capital markets were closed and some investors were actually selling ahead of redemption. As it turns out, according to Keith Meister, when counting Q1 2019 rally and the December 2018 sell-off, we should break even, or as he said:

 “We’re probably back to what is a relatively fairly valued market. There was a major pivot, which can’t be underestimated, which is where we went from having five or six rate hikes estimated to today, I think, one, and the rhetoric would imply maybe we cut before we raise.”

Keith Master holds the opinion that even though American businesses are far from being flawless, they are much better than they have ever been, and he feels that they are entitled to some credit because they are the ones who drive our earnings.

Take a look at the video below to hear what he further said regarding Lyft IPO, and Wellinton Management Company’s announcement that it doesn’t support Bristol Myers Squibb’s (NYSE:BMY) proposed acquisition of Celgene Corp (NASDAQ:CELG).

Hedge fund titan Keith Meister talks Q2, Lyft, and what he expects for the rest of 2019 from CNBC.

Disclosure: None.

This article was originally published at Insider Monkey.

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading...