Value Investors Hoarding Cash See Few Bargains After Rout
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Eric Cinnamond had 75 percent of the money in his mutual fund in cash at the end of July because he couldn’t find enough cheap small-company stocks to buy. The stock-market selloff this month hasn’t changed his mind.
“While the recent decline is refreshing, in my opinion, small caps remain expensive given the insane heights they reached this cycle,” Cinnamond, manager of the $691 million Aston/River Road Independent Value Fund, wrote in an e-mail.