Trapeze Asset Management Q2 Letter: The Only Game In Town

Randall Abramson of Trapeze Asset Management Q2 Letter – The Only Game In Town Our recent quarterly letters cautioned that, as the market was fully valued, a modest correction was likely, and that investors needed to proceed carefully, seeking out undervalued stocks. Yet, the market continued to make record highs. That, despite stretched valuations, public participation at the highest level since ’07, margin debt higher than the ’07 highs, high insider selling, short selling at the lowest level since the Lehman collapse, and the S&P 500 up for six consecutive quarters and over 1,000 days without a 10% correction—the longest since…