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The pickings continue to get slimmer for a proven group of top fund managers as the market continues to trade around its all-time high.
Good morning, and welcome to the PGnE First Quarter 2014 Earnings Conference Call. All lines will be muted during the presentation portions of the call with an opportunity for questions and answers at the end.
Why it might be better to imitate the pros rather than rely on original research.
Our top managers remain cautious, focusing more on relative valuation and increasing their willingness to book gains in the face of a rising (but potentially overvalued) market.
Our top managers continue to focus on higher-quality businesses rather than seeking out bargains in a market that (in many of their minds) has become fully valued.