Passport Capital Q3 Update

Via ValueWalk.

John Burbank has become bearish on the global economy. Taking a cue from Seth Klarman and David Einhorn, John Burbank criticizes the easing policies of central banks.  Burbank states ‘while central banks huff and puff to create real GDP growth, they appear to be near exhausting their resources. We believe that much of the growth we’re seeing is understated inflation, not real.’

Burbank in particular, is bearish on China. He notes the slowing energy consumption. Burbank says that GDP growth numbers from China ‘can hardly be believed.’

Despite the bearish outview, Burbank is finding value in US dividend yielding large cap equities. Burbank discusses some of his top holdings, and why he likes the companies.