Bill Miller & Ed Hyman on Japan, Apple & Economy [PREVIEW]VW Staff
Beginning tomorrow, January 17 at 7:30 p.m. on public television (check local listings**) and on wealthtrack.com, Consuelo Mack WealthTrack features part two of its exclusive TV interview with two legendary investors: ISI Group Chairman Ed Hyman, Wall Street’s number one-ranked economist for an unprecedented 34 years, and Legg Mason Inc (NYSE:LM)’s history-making Portfolio Manager Bill Miller.Anchor and Executive Producer Consuelo Mack asks Hyman and Miller where they think there is the most money to be made this year. Hyman gives his “one free pass” for investors — Japan — and Miller shares his two “no-brainers,” including Apple Inc. (NASDAQ:AAPL).
Below is a preview of part two of WealthTrack‘s exclusive TV interview with Ed Hyman & Bill Miller.
Last week on Consuelo Mack WealthTrack, Ed Hyman and Bill Miller shared their top investment forecasts and strategies for 2014. Watch the full episode:
Consuelo Mack WealthTrack “Legendary Investors’ Predictions, Part 2” — premieres nationwide beginning Friday, January 17 at 7:30 p.m. on public television (check local listings**) and on wealthtrack.comExclusive TV interview preview:
“It wasn’t planned this way, but both Ed Hyman and Bill Miller think this year’s biggest surprise could be a better than expected economy and stronger than anticipated stock market,” says Consuelo Mack.
“I think the biggest surprise is you have another big move in the stock market…”
“Well, for a contrarian like myself, the biggest surprise will be the bullish consensus will be right and that the consensus for about a 10 percent move in the stock market. But I think the surprise would be if the stock market could be up 30 percent again next year instead of just eight to 10 in line with earnings, so more multiple expansion.”
“…if you start to probe the glass half full side of the conversation, you can get some pretty optimistic views coming out from the energy play, the technology play. These things could come into play and give you a much better stock market and a very decent economy, maybe even…see, I say decent economy. I can’t even get myself into thinking it’ll be a good economy, but maybe it will be a good economy at some point.”
Consuelo Mack says, “Both Hyman and Bill Miller also shared investment ideas. Last year on WealthTrack, Miller called Apple Inc. (NASDAQ:AAPL), then trading at around $400 a share, the biggest no-brainer he had ever seen. This year, he says it is the second or third greatest no-brainer ever.
Bill Miller on Apple:
“It’s the most profitable company in the world. It’s got the biggest buyback in the history of the world. It trades at a huge discount to the market with returns on equity and capital, which are among the best in the overall market. It’s got an impregnable balance sheet. It’s got a dividend yield that’s pushing three percent, and they’ll raise the dividend significantly, we think, in the spring or early summer, so it’s one of these things where it’s like, what’s not to like with this thing if you actually care about valuation? Now, if what you care about is the next story and the next item on the tape, and are they going to beat the quarter; actually, the answer is, yes, they’re probably going to beat the quarter.”
Consuelo Mack notes, “Hyman said last year investors who owned the U.S. stock market got a free pass, just about everything went up, largely because the Federal Reserve was pumping money into the economy. This year, he says there’s another free pass for investors. This time it’s Japan, because the Bank of Japan is doing the same thing.”
Ed Hyman on Japan and the Bank of Japan:
“They’re going to increase their balance sheet by a trillion dollars, about what we did last year…The Bank of Japan, but their stock market is a quarter the size of the U.S., so (laughs) they’re really putting it on, and the market’s acting pretty well, and the yen is weakening. Like today, it was weaker, which means it’s more attractive to buy their goods, so that looks like a good shot.”
Consuelo Mack: “So from an investment point of view, I mean, should I be buying a Japan fund?”
Ed Hyman: “Yes.”
Consuelo Mack: “Or an ETF?”
Ed Hyman: “And you have to short the yen and long the stock market.”
**Local market airdates and more info on Consuelo Mack WealthTrack are below.
Series Press Kit:
About Consuelo Mack WealthTrack
New episodes premiere every week nationwide on public television (check local listings)
**New York metro area: Fridays at 7:30 p.m. on WLIW21, Saturdays at 8 a.m. on THIRTEEN and Sundays at 10:30 a.m. on NJTV
**Los Angeles area: Saturdays at 8 a.m. on PBS SoCal WORLD, Sundays at 3:30 p.m. on KLCS, and Tuesdays at 11:30pm on KVCRDT3 Desert Cities
Online: New episodes stream Fridays on wealthtrack.com
Since July 2005, Consuelo Mack WealthTrack has provided trustworthy, understandable advice about building and protecting wealth over the long-term from the best minds in the business world. The weekly financial series remains the only program on television devoted to long-term diversified investing. In season 10, WealthTrack continues to give viewers pathways to build their financial security and tackle economic, market and political changes, featuring new interviews with “Great Investors” and “Financial Thought Leaders,” including David Winters, Dan Fuss, Richard Bernstein, and Bill Miller. Anchor, Executive Producer and Managing Editor Consuelo Mack, an award-winning, veteran business journalist with an extensive rolodex, handpicks each guest based on their professional credentials, performance and integrity. Following an in-depth discussion about the most significant current trends affecting investors, guests recommend “One Investment” that every individual should own in a long-term diversified portfolio. Each week’s episode concludes with Consuelo’s “Action Point,” one to-do item to help viewers achieve financial security. The series website –
wealthtrack.com – features new upgrades including a redesign to match the series’ new HD broadcast look for season 10, and exclusive enhanced content. Full episode streams, Consuelo’s “Action Point,” guests’ “One Investment” picks, transcripts, WealthTrack Web Extra featuring exclusive episode outtakes, interview podcasts and more, are also available at wealthtrack.com.
Consuelo Mack WealthTrack is a presentation of WLIW21 in association with WNET. The series is distributed nationally by American Public Television and sponsored in part by New York Life and MainStay Investments, Loomis Sayles, and Wintergreen Advisers.
Consuelo Mack WealthTrack official websites: