Steven Romick (Trades, Portfolio), president of the $19.6 billion FPA Crescent Fund (FPACX), bought three new stocks in the third quarter, he disclosed Thursday. The value-minded investor had more than 40% of his portfolio in cash in the end of the second quarter as markets continued their ascent. “It remains challenging to find those investments that appropriately discount a reasonable worst case scenario,” Romick said in his second quarter letter. “Until such time as that changes, we c...
Steven Romick (Trades, Portfolio), president of the $19.6 billion FPA Crescent Fund (FPACX), bought three new stocks in the third quarter, he disclosed Thursday. The value-minded investor had more than 40% of his portfolio in cash in the end of the second quarter as markets continued their ascent. “It remains challenging to find those investments that appropriately discount a reasonable worst case scenario,” Romick said in his second quarter letter. “Until such time as that changes, we c...
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