Ron Muhlenkamp, who runs his own fund firm, has been a student of investing for 40 years; this is his seventh recession.
The public has made a shift from spending to saving. The point is, Wall Street is a very good marketing organization. There's a whole lot of money that the public is no longer spending on houses and cars and Las Vegas, and Wall Street is going to get a piece of it, whether it's the brokers or the banks or the insurers.
So we own a bunch of Bank of America. Also, I recently bought AT&T for the first time probably ever. It has a 10% free cash flow yield [share price divided by free cash flow per share], and 6% of that's in the dividend. I bought Pfizer: 10% free cash flow, 3.5% dividend yield -- which means that they're not blowing all that cash.
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