% of Stocks w/ Trailing LTM PE < 13X Russell 3000

Steve Romick is a fellow Angeleno, and if you don’t read his commentary you should.  Below are two charts and some commentary form his recent letter.

Charts then downloads:


“Suffice to say we aren’t seeing much in the way of fat pitches today, so we are comfortable just lettingsomeone else swing at the junk that whizzes past us. We can, however, speak to what we think we do well– patiently wait for opportunity to invest in good assets at reasonable prices. This doesn’t mean we’re napping in the dugout. We have selectively entered the game, recently taking advantage of our broad mandate, as illustrated by the initiation of a handful of new positions, largely in emerging markets and commodity sensitive businesses. We will communicate more about these when we are no longer active in the market. ”


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FPA Crescent Update