Gabelli's column

Investors Are Right to be Wary of the Returning of Certain Assets to Previous Highs


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  1. Overall, July’s gains served as the cherry on top of what has already been a strong year for equities. The outstanding performance was backed by encouraging economic data and robust earnings reports, further solidifying investors’ confidence.
  2. We continue to see abundant opportunities in small to mid-cap stocks, given the compelling valuation of the Russell 2000 Value, which currently trades at only 10-12x earnings.
  3. We are still on track for a better year of issuance than we saw in 2022. Issuance this year has generally been attractive with higher coupons, lower premiums and more asymmetrical returns than are available in the secondary market.