Last week, I chatted with Wally Forbes about what was going on in the fund world, the markets, the economy:
“There are lots of opportunities, even if you’re not happy with the economy. Let me rephrase this precisely. Whenever I get a tirade from either an institutional client or a fund manager about the, “Fed is doing this and it’s just terrible,” I always have to say, “Hey, you know what? If you want to join a think tank in D.C. and become a Monday morning armchair policy wonk, you can. But that’s not what my job is.”
My job is to look out at the landscape and say, “Where are the opportunities?” I could read you chapter and verse as to why I think all the policy decisions that the Fed has done is wrong, from LTCM to Bear Stearns to ZIRP. I – literally – wrote a book detailing all of their screw ups.
But that’s what I do on my weekends. During my day job, I have to turn over rocks and say, “Where is there opportunity to deploy capital?” And I think a lot of people make the mistake of ignoring opportunity, and overlooking risk. It’s one thing to be a fan and either cheer or jeer while sitting up in the cheap seats. But it’s something else entirely when you’re on the playing field.”
The whole interview is fun stuff . . .
Stop Criticizing Bernanke, Start Finding Investment Opportunities
Forbes May 17 2011