Trapeze Asset Management – Seeking Attractive Values

Trapeze Asset Management January letter January 31, 2014 Herb Abramson, LL.B.                            RJ Steinhoff, CFA Randall Abramson, CFA                         Anthony Visano, CFA Jeff Sayer, CFA, MBA In our September musing, Investing in a Fairly Valued World, we wrote that for the first time since the financial crisis we view all major markets as fairly valued. We also wrote that this is not something that makes us too nervous as historically the subsequent 1 and 2 year returns from similar valuation levels are positive for the markets we examined. From September to December, the MSCI World Net Index appreciated 13.4%. While the market…