Steve Schaefer

Now at Hewes Communications. Former Forbes editor, reporter, softball star.

[Tracy Alloway @tracyalloway]

NEW EPISODE - PRIVATE CREDIT

The private credit market is now said to be bigger than the market for junk-rated bonds at $1.8 trillion.

How did it get so big? What’s its role in the overall market for corp financing? And how serious are all the recent headlines?

@TheStalwart and I invited two veteran bond experts from Osterweis Capital Management to contextualize the market:

https://t.co/bcFUH2cTM2

[GMO @GMOInsights]

Jeremy Grantham’s new book The Making of a Permabear, co-authored with Edward Chancellor, is out this week. James Grant’s @WSJ review highlights Grantham’s disciplined, contrarian approach shaped by decades of bubbles and recoveries.
🔗 https://t.co/IQ4hqzyfeh

[Eric Balchunas @EricBalchunas]

TIL the best performing active (diversified) equity ETF of 2025 was Cambria Global Value, up 58%, thx to int'l banks which make up 1/3 of the holdings. This is from the year end edition of @DavidCohne's "High Flyers" monthly note. $GVAL @MebFaber

[Steve Schaefer @SchaeferStreet]

@SamRo @RyanDetrick Wait, @SamRo -- after all these years are you telling me there wasn't really a shark swimming in floodwaters at Post 9 at the NYSE?

[etf.com @etfcom]

@RA_Insights @CFBenchmarks @followMFS @CapitalGroup Winner of the “Best New U.S. Equity ETF” award goes to Eagle Capital Select Equity ETF (EAGL). Congratulations, Eagle Capital Management!
#etfcomAwards

[etf.com @etfcom]

Winner of the “Lifetime Achievement Award” goes to Rob Arnott, Partner, Chairman, Research Affiliates. Congratulations, @RA_Insights!
#etfcomAwards

[GMO @GMOInsights]

In #GMO's latest Focused Equity Insights, Lucas White delves into the market's reaction to the U.S. elections, the history of renewables incentives, and the financial motivations of key stakeholders in considering the future of the #IRA and #CleanEnergy: https://t.co/fkMDKiBqlr

[GMO @GMOInsights]

Watch Tom Hancock, Head of GMO Focused Equity, on @CNBC’s The Exchange with @KellyCNBC today between 1 and 2 pm ET.

Tune in to hear Tom’s latest views!

https://t.co/TEIrD385Gf

[Hewes @HewesComm]

🏙 From East Coast ➡️ West Coast 🌴

Our team—@TylerCBradford, @chlochieng, and @SchaeferStreet —is headed to the @FutureProof_HQ Festival next week. We'd love to connect while we're there!

See you at the beach🌞

#FutureProof #AssetManagement #Investing #PublicRelations

[Davis Advisors @davis_advisors]

#WisdomWednesdays
“Great is the man that can make you better not just when he is with you, but when he is in your thoughts.” - Seneca

Chris Davis reflects on Charlie Munger’s absence and what he learned from him over the 30+ years of their friendship.
https://t.co/u05fhIFEmX

[Meb Faber @MebFaber]

New podcast with @GMOInsights' Catherine LeGraw!

She explains why this is “the best relative asset allocation opportunity we’ve seen in 35 years.”

https://t.co/yWhKXojlae

[Meb Faber @MebFaber]

Some banger comments in the recent Grantham note:

https://t.co/OmKtqLmmHv

Quality: "U.S. quality stocks have a long history of slightly underperforming in bull markets and substantially outperforming in bear markets (although they did unusually well in the recent run-up).

In addition, their long-term performance is remarkable. AAA bonds return about 1% a year less than low-grade bonds – everybody gets it, and always has. In bizarre contrast, the equivalent AAA stocks, with their lower bankruptcy risk, lower volatility, and just plain less risk, historically have delivered an extra 0.5% to 1.0% a year over the S&P 500 (to be precise, an extra 1.0% a year for the past 63 years, with the gains concentrated in the period since 2008).

What on earth is that?"

Deep Value: "The most expensive 20% of U.S. stocks are by definition always expensive, but today they are in the worst 10% of their 40-year range (compared to the top 1000 stocks). In great contrast, the cheapest 20% are in the best 7% of their range."

Broad Market: "As for the U.S. market in general, there has never been a sustained rally starting from a 34 Shiller P/E. The only bull markets that continued up from levels like this were the last 18 months in Japan until 1989, and the U.S. tech bubble of 1998 and 1999, and we know how those ended. Separately, there has also never been a sustained rally starting from full employment. The simple rule is you can’t get blood out of a stone. If you double the price of an asset, you halve its future return. The long-run prospects for the broad U.S. stock market here look as poor as almost any other time in history. (Again, a very rare exception was 1998-2000, which was followed by a lost decade and a half for stocks. And on some data, 1929, which was famously followed by the Great Depression.)"

[GMO @GMOInsights]

Day 2 of @exchangeETF!

GMO’s Jeremy Grantham was a keynote speaker today in a session titled “Today's Big Risk... and Opportunities.” Jeremy sat with @CameronDawson, CIO from NewEdge Wealth to discuss lessons learned over time and opportunities in today’s market.

#ExchangeETF

[GMO @GMOInsights]

GMO’s Emerging Country Debt team provides our Q4 assessment in their Quarterly Valuation Update.

Read the latest here: https://t.co/M5CPhwaFhQ

[Eric Balchunas @EricBalchunas]

Speaking of feisty ETF IQ clips, here's ProShares yest on whether they worried about $BITO losing mkt share to spot ETFs: "The bitcoin futures is a mature liquid and regulated. There’s things we don’t know about the spot market 1) there’s multiple prices, futures solve that, there’s one price 2) we don’t know how cash creates will work, we know exactly how futures work- high volume and tight spreads. The spot market is still a little weird- FTX, binance, stuff, things, shaggy hair guy in the news."

[GMO @GMOInsights]

In GMO’s latest Quarterly Letter, Ben Inker shares why he believes equity and high yield investors should be biasing their portfolios in favor of high quality. https://t.co/ze26dh4Sh0

[John Authers @johnauthers]

The biggest mutual fund at Jeremy Grantham’s GMO has outpaced the S&P 500’s advance even after it shied away from Nvidia and Tesla; worth reading from @isabelletanlee & @denitsa_tsekova https://t.co/KJfwbmF0su via @markets

[tom keene @tomkeene]

Jeremy Grantham's GMO just launched an actively managed fund focused on high-quality stocks. Its manager shares 7 unique companies he's betting on to deliver high returns. https://t.co/HoxutJFGDW via @businessinsider

[GMO @GMOInsights]

We are excited to announce we have launched our first ETF, the Actively Managed GMO U.S. Quality ETF (NYSE: QLTY). Read the press release here: https://t.co/GBIWu0OHnn

Please click here for a prospectus and other important information: https://t.co/EnXcKQWRFn

[Ben Johnson, CFA @MstarBenJohnson]

GMO has partnered with Goldman Sachs' ETF Accelerator to launch its first-ever active ETF, GMO U.S. Quality ETF $QLTY.
https://t.co/REFyHYle7x