Joe Rosenberg has been investing for the Loews family in one capacity or another for almost fifty years. He said in today’s Barron’s that this is the best large cap, US equity investment opportunity he has seen in a long time. He believes that the situation in Europe will not cause big problems elsewhere and that things were worse before such as during the Cuban Missile Crisis.
I am not as sanguine about the outcome of the European (actually global) debt crisis and its affect on US equities, but I do think it is unusual to see so many great companies trading with P/Es below 10 when they have double-digit free cash flow yields.
