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<ul><li>Between 2017-end and March 2020, the SMID indices were down more than 40% relative to the equity benchmark Sensex.</li><li>Morgan Stanley now believes that SMID stocks are now all set to rally on the back of a growth recovery and attractive valuations.</li><li>Aditya Birla Capital, CG Consumer, JustDial and Prestige Estates are some of the stocks that Morgan Stanley is overweight on. </li></ul>Morgan Stanley’s Ridham Desai is bullish on small and mid-cap stocks. In a recent note, he said that after 30 months of struggle, Indian mid and small-cap stocks are poised for outperformance on the back of growth recovery and attractive valuations. The Morgan Stanley report dated August 18 said the small and mid-cap (SMID) stocks went into a prolonged phase of underperformance after peaking in early January 2018. Between the end of 2017 and March 2020, the SMID indices were down more than 40% relative to the equity benchmark Sensex due to various reasons such as growth deceleration and relative valuations. “The COVID-19 related lockdown did not help matters but has marked a floor on the cohort’s relative performance as a forward-looking stock market is possibly anticipating better growth. With monetary aggregates normalizing and significant policy action underway with a corporate tax cut last September, we think growth is set to turn,” the report said. Here’s the list of stocks that Morgan Stanley is betting on: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stocks </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YTD Gain % </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aditya Birla Capital </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-38% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amara Raja Batteries </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apollo Hospitals </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">17% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharat Electronics </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">11% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CG Consumer </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Exide Industries </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gujarat Gas </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">32% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gujarat State Petronet </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-7% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indraprastha Gas </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-4% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jindal Steel &amp; Power </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">39.40% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jubilant FoodWorks </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">18% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Just Dial </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-31% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mahindra &amp; Mahindra Financial Services </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-31% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MphasiS </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Multi Commodity Exchange of India </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">46% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Narayana Hrudayalaya </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PNB Housing Finance </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">35% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prestige Estates Projects </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shriram City Union Finance </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shriram Transport Finance Co </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">40% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sobha Developers </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">35% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Power Co </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td></tr></tbody></table>Source: Morgan Stanley report dated August 18 Morgan Stanley notes that smaller firms are likely to benefit more due to their operating and financial leverage. SMID valuations are looking attractive relative to GDP and money supply, setting the stage for outperformance versus large-cap stocks in the coming months. They are overweight on 22 stocks in the small and mid-cap universe, with a market cap of around US$3.5 billion. Morgan Stanley has also sounded a word of caution on three factors that pose major risks to the outperformance of broader markets — COVID-19 pandemic, lack of structural reforms, and the risk in the financial system. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/ruchi-soya-shares-muthoot-finance-shares-irctc-shares-hal-shares-tata-power-shares-yes-bank-shares-top-stock-movers-on-dalal-street/articleshow/77647940.cms" data-type="tilCustomLink">Top stock movers on Dalal Street today —Ruchi Soya, Muthoot Finance, IRCTC, HAL, Tata Power, Yes Bank and more</a> <a href="https://www.businessinsider.in/business/auto/news/kia-sonet-suv-pre-booking-starts-today-checkout-price-images-specifications-and-other-details/articleshow/77649221.cms" data-type="tilCustomLink">Kia Sonet pre-booking starts today— Here’s all you need to know about price, features and other details</a>

These are small and mid-cap stocks that Morgan Stanley’s Ridham Desai is betting on

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">AP Images Legendary investor Stan Druckenmiller.</div></div></div>One of the hedge fund industry's legendary investors is backing one of the most high-profile hedge fund launches of the year.Stanley Druckenmiller is said to be making his second-biggest investment in a hedge fund ever, according to a person with direct knowledge of the matter.Druckenmiller is investing in two portfolio managers who previously worked at George Soros' family office, according to two people with direct knowledge of the launch.It will be Druckenmiller's biggest investment since he backed PointState Capital with $1 billion in 2014, according to one of the people.David Rogers and Joshua Donfeld, who left George Soros' family office earlier this year, are launching a fund called Castle Hook Partners, making bets on long and short equity, credit, commodities, interest rates, and foreign exchanges, according to one of the people. They are bringing along two other Soros team members: Matt Lentz and Jake Carney.Castle Hook may also nab an investment from legendary investor Soros, who <a href="http://www.businessinsider.com/george-soros-trading-again-2016-6">just announced his comeback into trading</a>, when the firm launches in the fourth quarter of this year or the first quarter of 2017, according to the person.Soros has said that he is bearish on the economy, but the Castle Hook team is said to be more bullish on commodities in particular. Rogers and Donfeld left Soros because of investing disagreements with the CIO, according to one of the people.Druckenmiller said, according to a spokesman, that he will be "an enthusiastic investor in this new fund." Druckenmiller, who famously broke the Bank of England when he worked alongside Soros, has backed other hedge funds, including Michael Karsch's <a href="http://www.institutionalinvestorsalpha.com/Article/1947128/DRUCKENMILLER-BACKS-KARSCH-HEDGE-FUND.html">Karsch Capital</a> in 2000.Morgan Stanley and Goldman Sachs are set to be the prime brokers to Castle Hook, helping the firm facilitate its trades, according to people familiar with the matter.The launch comes as several macro managers prepare to launch new funds. Ben Melkman of Brevan Howard plans to launch a <a href="http://www.businessinsider.com/ben-melkman-brevan-howard-exit-2016-5">new fund</a>, as does Chris Rokos, who raised one of the biggest funds in recent memory with $3.5 billion, according to <a href="http://www.bloomberg.com/news/articles/2016-01-28/chris-rokos-said-to-raise-3-5-billion-for-macro-hedge-fund">Bloomberg</a>.The launches come at a tough time for most new hedge funds to raise money. Coming from big brands can help nascent funds, along with the backing of big names. Hedge Fund Alert first reported news of the launch. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/401k-james-altucher-retire-scam-investing-taxes-2015-6">James Altucher defends his outrageous claim that you shouldn't invest in your 401(k)</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="ZlMGV4dToitxii0-m5PgqpARbSW0lfvo" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Investing legend Stan Druckenmiller is making one of his biggest investments ever in a hedge fund

<ul class="summary-list"><li>Michael Burry placed bets worth a notional $1.6 billion against the S&amp;P and Nasdaq last quarter.</li><li>The "Big Short" investor is a "one-trick pony" and his wager is a loser, analyst Marc Chaikin said.</li></ul>Michael Burry shocked Wall Street this week by <a href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-scion-stock-portfolio-q2-spx-nasdaq-2023-8">revealing</a> he placed wagers with a <a href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-spx-nasdaq-put-options-index-funds-2023-8">notional value of $1.6 billion</a> against the <a href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> and <a href="https://markets.businessinsider.com/index/nasdaq_100">Nasdaq-100</a> last quarter. But one veteran analyst thinks his apparent bet on a stock-market crash is a losing one."He's going to be wrong like Mike Wilson was wrong," Marc Chaikin, the founder and CEO of Chaikin Analytics, <a href="https://www.youtube.com/watch?v=1xP2QtlVPRk&amp;t=1s" target="_blank" rel="noopener">told Benzinga</a> this week. He was referring to Morgan Stanley's chief US equity strategist, who was caught off-guard by the historic rally in stocks this year and <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-ai-chatgpt-cooling-inflation-earnings-morgan-stanley-2023-7">issued a mea culpa</a> in late July.Chaikin dismissed the idea that Burry's portfolio update spooked retail traders into selling stocks this week."I promise you that nobody on Reddit follows Michael Burry," he said. "They're into their own world."In fact, a key driver of the meme-stock craze in early 2021 was that Burry <a href="https://markets.businessinsider.com/news/stocks/big-short-investor-michael-burry-scion-gamestop-stock-price-frenzy-2021-2-1030050393">invested in GameStop</a> in 2019, and wrote several letters to the video-game retailer's bosses that highlighted the excessive short interest against its stock. There's also a <a href="https://www.reddit.com/r/Burryology/" target="_blank" rel="noopener">Burryology</a> subreddit with 17,000 members that's dedicated to <a href="https://www.businessinsider.com/big-short-michael-burry-burryology-subreddit-cryptic-tweets-secret-stocks-2021-10">studying Burry</a> and <a href="https://www.businessinsider.com/big-short-michael-burry-scion-burryology-reddit-q4-stock-portfolio-2022-2">tracking his trades</a>.Chaikin also brushed off Burry as just the latest market doomsayer, and suggested his only notable achievement was predicting and profiting from the 2008 housing crash. The <a href="https://markets.businessinsider.com/news/stocks/michael-burry-big-short-housing-bubble-crash-gamestop-meme-stock-2021-10">contrarian bet</a> was chronicled in the book "The Big Short," and actor Christian Bale portrayed Burry in the movie adaptation, which made Burry a household name."There's always a Michael Burry out there, whether it's some bond guy, or whether it's Stan Druckenmiller at some point in time, or Paul Tudor Jones," Chaikin said. "They're a lot smarter by the way than Michael Burry with a lot more of a track record.""He's a one-trick pony as far as I'm concerned," the stock-analytics guru added.However, Burry has made several accurate calls in recent years. For example, he <a href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-predicted-inflation-spike-investor-warned-tweets-2021-5-1030430103#:~:text=Michael%20Burry%20said%20as%20early,sharpest%20increase%20in%2011%20years.">warned</a> inflation could become a problem as early as April 2020.When price growth hit a 40-year high last summer, he <a href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-inflation-stock-market-crash-recession-fed-2023-7">correctly predicted</a> it would plunge within months. He also <a href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-market-predictions-stocks-bubbles-twitter-profile-2022-6?utm_medium=ingest&amp;utm_source=markets">rang the alarm</a> on meme stocks and cryptocurrencies before they plummeted last year.The investor's Scion Asset Management held bearish put options on 200,000 shares of both the <a href="https://markets.businessinsider.com/etfs/spdr-sp-500-etf-trust-us78462f1030?utm_medium=ingest&amp;utm_source=markets" rel="">SPDR S&amp;P 500 ETF Trust</a> and <a href="https://markets.businessinsider.com/etfs/invesco-qqq-trust-us46090e1038?utm_medium=ingest&amp;utm_source=markets" rel="">Invesco QQQ Trust</a> — index funds that track the S&amp;P 500 and Nasdaq-100 respectively — on June 30. The combined notional value of the two holdings was $1.6 billion.Burry's options could just be hedges, and will have cost him a fraction of that amount. But they are still "very large" positions given the rest of Scion's portfolio was only worth $111 million, Gerry Fowler, head of European equity strategy and global derivative strategy at UBS, <a href="https://markets.businessinsider.com/news/stocks/why-big-short-michael-burry-energy-shipping-stocks-puts-portfolio-2023-8">told Insider</a>.In contrast to Burry — whose latest wagers follow his <a href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-tweets-stock-market-bubble-crash-rallies-2022-5">repeated warnings</a> of <a href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-twitter-return-biggest-market-bubble-ever-2021-6-1030524823?utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=referral&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=yahoo.com&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">historic asset-price bubbles</a> and <a href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-stock-market-bubble-crash-twitter-spx-2022-9">epic crashes</a> — Chaikin said the S&amp;P 500 is in a bull market, and predicted it wouldn't fall even 10% from its late-July high.

Michael Burry is a 'one-trick pony' - and the 'Big Short' investor's massive bet against the stock market is a sure loser, says veteran analyst

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters / Brendan McDermid</div></div></div><ul><li>Dennis Lynch, head of growth investing at Morgan Stanley Investment Management, was the top large-cap portfolio manager of 2017, and his funds have been dominating for years.</li><li>In an exclusive interview with Business Insider, he shares what's long served as his secret weapon when analyzing companies and industries.</li></ul>Sometimes being an expert on a topic can be a detriment - at least when large changes are afoot.This may seem like a surprising statement, but the logic is pretty straightforward: You get so used to one set of circumstances that when the status quo is altered, it can be difficult to recalibrate your point of view.It's for this reason that so many seemingly entrenched ideas have found themselves uprooted over time, often to the chagrin of those tasked with predicting and avoiding those very shifts.<a href="http://www.businessinsider.com/category/dennis-lynch">Dennis Lynch</a> realized this early in what's shaped up to be an immensely successful investment career, and made a move that's informed many of his biggest decisions ever since - he hired a "disruptive change researcher" to insulate his portfolios from this phenomenon.It was 2004, and the recruit's name was Stan DeLaney, who'd just finished up his MBA at Stanford. Lynch, who serves as head of growth investing at <a href="https://www.morganstanley.com/im/en-us/institutional-investor.html" target="_blank" rel="noopener">Morgan Stanley Investment Management</a>, where he's lead manager of six funds and directly oversees $27 billion, remembers the inaugural topic he assigned to DeLaney. It was about 15 years ago, when Lynch needed a pair of fresh eyes to analyze the radio industry.On the surface, radio looked to be fine. Stations were local monopolies with regulatory advantages, and there were plenty of reasons to think revenue would continue to grow going forward. And if you asked executives and analysts, they delivered the same rosy message.It was DeLaney's express purpose to challenge these comfortable, insulated opinions and recognize elements of change. In this case, that disruptive force was the internet, and you know what happened next - music migrated online, and radio stations became a shell of their old selves.And Lynch was right on top of it not just because he saw it coming, but because he was willing to challenge conventional thinking around a legacy business. DeLaney still works with Lynch a full 13 years later, having worked his way from associate to managing director - and their partnership is as formidable as ever."When you spend a lot of your career developing expertise, it then becomes hard for an individual to jettison all they've learned and realize they might need to learn a whole new set of ideas or details," Lynch told Business Insider by phone. "When things start getting disrupted, experts can actually become a liability."<h2>The elimination of bias is crucial for beating the market</h2>The use of a disruptive change researcher makes total sense when you consider that one of Lynch's core investment tenets is the <a href="http://www.businessinsider.com/how-dennis-lynch-morgan-stanley-investment-management-runs-his-team-2018-5" target="_blank" rel="noopener">elimination of bias</a>. As Lynch told Business Insider for a <a href="http://www.businessinsider.com/how-dennis-lynch-morgan-stanley-investment-management-runs-his-team-2018-5" target="_blank" rel="noopener">previous article</a>, part of being a good decision-maker is being self-aware and understanding why you're making certain decisions.Creating a position in order to challenge these types of biases would seem to be a big step in the right direction. And if Lynch's performance is any indication, it was the right move. Here's a look at the wild success he and his team have enjoyed in two of their top funds:<ul><li><a href="https://www.morganstanley.com/im/en-us/financial-advisor/product-and-performance/mutual-funds/us-equity/multi-cap-growth-trust.shareClass.IS.html" target="_blank" rel="noopener">Morgan Stanley Multi-Cap Growth Trust</a> <ul><li>Returned 48% in 2017, the best out of all large-company stock funds tracked by <a href="https://www.kiplinger.com/tool/investing/T041-S001-top-performing-mutual-funds/index.php" target="_blank" rel="noopener">Kiplinger</a></li><li>Surged 38% over the 12 months ended March 31, also the best out of all its peers</li><li>In the 98th percentile or higher for all large-cap mutual funds on a trailing 1-, 3-, and 5-year basis, according to Bloomberg data</li><li>Up 16% on a year-to-date basis, compared to 1.5% for the S&amp;P 500 total return index</li></ul></li><li><a href="https://www.morganstanley.com/im/en-us/financial-advisor/product-and-performance/mutual-funds/us-equity/growth-portfolio.shareClass.A.html" target="_blank" rel="noopener">Morgan Stanley Institutional Growth Portfolio</a><ul><li>Best-performing large-company stock fund over a trailing 3- and 5-year basis through March 31, according to Kiplinger</li><li>In the 99th percentile for all large-cap mutual funds on a trailing 1-, 3-, and 5-year basis, Bloomberg data show</li><li>Up 16% year-to-date</li></ul></li></ul><h2>Disruption as a core investment tenet</h2>Part of understanding what makes Lynch tick as an investor is realizing that he eschews the traditional growth-versus-value model. Sure, he's looking for sustainable long-term growth stories, but he's not keen to limit his universe using such artificial constructs.Instead, Lynch looks at disruption - and that can mean that a company is either responsible for creating it, or insulated from it. In the end, it serves as the connective tissue between all of his investment ideas.And while Lynch wants to buy stocks at attraction valuations, he doesn't subscribe to traditional ideas of what "cheap" is, which once again informs his decision to shun value investing. In order for Lynch to see if a company is attractively priced, long-term growth potential must be considered to an extent not normally reflected by valuation multiples."When companies are highly unique and have long-term growth potential, it's not always obvious what a cheap price is," he said. "Instead of bucketing or thinking about high- or low-growth, our first step is to ask whether a company benefits from disruption, if there's something permanent about it that will insulate it from disruption, or if the company is vulnerable to it."He notes that when he first bought <a href="http://markets.businessinsider.com/stocks/amzn-stock" target="_blank" rel="noopener">Amazon</a> for his <a href="http://markets.businessinsider.com/stocks/ms-stock" target="_blank" rel="noopener">Morgan Stanley</a> portfolios, about 13 years ago, the company dealt with the same valuation skepticism that still surrounds it now, roughly 4,500% later.Ultimately, Lynch's approach makes it so he can comfortably buy and hold stocks with high conviction. And it's his diligence and steadfast approach - largely informed by disruption research - that allows him to sleep easy at night, even during volatile market spells."Investing is not a game of perfection - it's a game of being approximately right," he said. "We're trying to collect these unique companies and then own them as they grow into much larger businesses." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/jason-bourne-ruined-action-movies-hollywood-film-cinema-2018-4">How one trilogy ruined action movies forever</a></h3> <div> </div> </div>

Wall Street's best stock picker shares his secret weapon for unlocking massive investment opportunities

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<a href="http://www.morningstar.com/cover/videocenter.aspx?id=637133">The One Thing Muni Investors Need To Get A Handle On</a> (Morningstar)
Muni bonds had a rough year in 2013 with the Detroit bankruptcy and risks surrounding Puerto Rico debt. But they've recovered in 2014. Eric Jacobson, senior fund analyst at Morningstar, says that even after the current rally, muni bond valuations "are still probably a little generous relative to what they otherwise would have been, thanks in part to the sell-off over the summer."
The most important thing for muni investors to consider is the volatility this could bring to their portfolios. "I think one of the most important things for muni investors to try and get a handle on is what kind of volatility they can expect in their portfolios--if not being able to look through a crystal ball at the credit market necessarily--at least to try to understand what kind of interest rate risks they're carrying around," Jacobson said. 
"Especially when they're buying longer bonds, that tends to be where a lot of the issuance concentrates. And even though, as I said, we've had outflows in January from the long-term muni portfolios, that in and of itself may trigger some people to want to get in. We also know, anecdotally, that people tend to look at muni funds more at the beginning of the year when tax season is upon us. So, you just really want to understand that if you're buying a long-term muni fund, in general, you're dealing with a bit more rate sensitivity than you would be with a core taxable fund because [the muni] market skews much longer."
<a href="http://www.investmentnews.com/article/20140227/FREE/140229883">Cantor Fitzgerald's Wealth Management Unit Is In Aggressive Acquisition Mode</a> (Investment News) 
Cantor Fitzgerald's wealth management unit is buying First Commonwealth Financial Advisors' registered investment advisory (RIA) firm with $2 billion in assets, reports Tervor Hunnicutt in Investment News. Stan Gregor, president and CEO of Cantor Fitzgerald Wealth Partners told Hunnicutt that they are in "a very aggressive acquisition mode." The unit already added four teams since September.
"We have a significant presence on a global basis, and in the institutional space we have tremendous infrastructure. Certainly from a standpoint of adding a business we felt that the wealth management arm would be something that would be a logical one because we trade every security in the world," Cantor Fitzgerald CEO Shawn P. Matthews said.
<a href="http://www.reuters.com/article/2014/02/27/raymondjames-name-idUSL3N0LV4HK20140227">JP Morgan Hires Advisors With $1.6 Billion In Client Assets</a> (Reuters) 
JP Morgan's wealth management unit has hired six advisors from UBS, Merill Lynch, and Bernstein Global Wealth Management, reports Reuters. Roland Pritchett and Matt Stucke join the team from UBS. Darren Graff and Natalya Muravchik are moving from Merrill Lynch. And Kevin Baker and Dan Sullivan are headed over from Bernstein Global Wealth Management. Collectively, the six advisors managed $1.2 billion in assets at their old firms.
<a href="http://www.businessinsider.com/pe-ratio-different-inflation-environments-2014-2">The Stock Market Isn't That Expensive When You Consider Inflation</a> (Guggenheim Partners)<a href="http://www.businessinsider.com/pe-ratio-different-inflation-environments-2014-2"> </a>
Some argue that the stock market is expensive and point out that the market's price-earnings (P/E) ratio is high relative to its long-run average. But, "low inflation tends to support larger price-to-earnings ratios, as the lack of price pressure facilitates easy monetary policy which encourages multiples expansion," Scott Minerd of Guggenheim Partners wrote in his weekly commentary. 
"Though the P/E ratio of the S&amp;P 500 has been on an upward trend in recent years, historical ranges suggest there is further room for expansion due to low inflation. With inflation expected to remain below the Fed's target through 2015, the P/E ratio could rise as far as 24X and still remain within historical norms."

<a href="http://www.businessinsider.com/how-men-and-women-invest-differently-2014-2">How Men And Women Invest Differently</a> (BlackRock Blog)
Nelli Oster, investment strategist in BlackRock's Multi-Asset Strategies Group, points out three key differences in the way men and women invest. 1. "Women tend to focus more on longer-term, non-monetary goals. …Men, on the other hand, who tend to be more competitive and thrill-seeking by nature, often focus on the short-term track records of their portfolios. 2. "Women tend to be thorough and take more time to make decisions than men." 3. "Women seek help more."

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