Steinberg Global Portfolio Managers Discount CAPE Overvaluation Signal: Deep Fundamental Analysis Reveals Top Picks

August 23, 2018


Jacques R. Elmaleh, CFA, is the Director of Research; Lead Portfolio Manager of the growth, dividend and international strategies; and Principal of Steinberg Global Asset Management, Ltd. He leads the firm’s investment committee and is an experienced research analyst specializing in equity and industry analysis and performance attribution. Mr. Elmaleh joined Steinberg Global in 2004 after six years with Earl M. Foster Associates, a money management firm in Miami. He is a Chartered Financial Analyst, a member of the CFA Institute and the CFA Society of South Florida. In 2007, Mr. Elmaleh became a shareholder of the firm. Mr. Elmaleh received his MBA from the University of Miami, where he was awarded the Patrick Cesarano Scholarship for academic excellence in finance.

Steven J. Rothenberg is Portfolio Manager of Steinberg Global Asset Management, Ltd. He joined Steinberg Global in 2015, having spent the past 27 years as a discretionary investment adviser for affluent families, individuals and business owners. Mr. Rothenberg’s professional experience includes Smith Barney Equity Management, First Manhattan Company, Harris Trust Private Bank and Cypress Capital Group. Most recently, Mr. Rothenberg was the Director of Research with Palm Beach-based Carl Domino, Inc. Throughout his career, Mr. Rothenberg has developed and practiced a research-intensive investment discipline. Mr. Rothenberg is a proponent of in-depth fundamental analysis and is inherently oriented toward a value approach in investment selection.

Their 2,754 word interview with the Wall Street Transcript details their investing philosophy as well as their specific top stock picks.

“I think we do have some issues with the CAPE ratio. First, that’s going to adjust in the next two years or so from being super expensive to not being so as 2008, 2009 depressed earnings get anniversaried out of the equation. And also, with these recent fluctuations that we’ve had since late January in the market, earnings are really rising strongly, and valuations have at least stabilized at more reasonable levels. So the market is becoming a little bit cheaper. But it’s still difficult to find good companies that are trading cheap by historic and relative measures.”

Read the entire 2,754 word interview for the specific stock picks from these two award winning investors at  Steinberg Global Asset Management.