Just noting this via Reuters on Jeffrey Ubben, CEO of activist investor ValueAct Capital, now holding $3 billion in cash

  • Says his firm has been taking money out of the capital markets as valuations have become overextended
  • "large-cap activist plays are very treacherous with high PEs (price-to-earnings) and not a lot of growth"

More at this Reuters piece, including his outlook for the new Trump administration

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One of these days we'll get a lower close in the US equity markets. ;-D