Crescat Capital’s View on the Market According to its Q3 Letter

Although many investors are seeing roses in the future, perhaps due to the combination of anticipated tax cuts and a strong economy, some value investors are a bit cautious. Count Crescat Capital as one of those investors who aren’t full-on bullish, at least according to the fund’s Q3 letter published on November 18.

According to the letter, the fund believes that large cap stocks in the United States are overvalued, at least according to to six comprehensive dimensions (presumably taken...