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John Lounsbury

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  • DryShips: Speculator Money Still Pervades Sector [View article]
    Nice analysis. I am adding you to my follow list.
    Aug 4 04:36 PM | Likes Like |Link to Comment
  • Are Safe Haven Investments Really Immune From Current Crisis? [View article]
    Very interesting article.

    The only question I have is timing. It may be that the unwinding of the credit paper pyramid will take some time (years, not months). As long as this deleveraging is going on, credit will remain tight. The re-inflation of the economy may be very sudden, but it also may be years away. Alternatively, effects of the credit bubble may linger and demand may remain supressed and return only gradually. Then the supply side stresses you anticipate may develop slowly, not with a sudden surge.
    Oct 16 10:24 AM | Likes Like |Link to Comment
  • Never Enough Lessons on Forward P/E [View article]
    In the first quarter 2008 I suspended my stock screening activities looking for deep value based on trailing and forward earnings. Past earnings have no meaning in the current environment and published forward earnings estimates are currently "wish lists" and are unlikely to reflect informed assessments. In the same vein, many book values are suspect (obviously for financials, but possibly elsewhere as well).

    My strategy since the beginning of the year has been to look for a baby in the discarded bathwater where earnings and assets may be understood well. I haven't found much and have had to resort to holding cash and doing some short-term trading.
    Oct 8 10:38 AM | Likes Like |Link to Comment
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