No bottom in sight
Economic research guru and resident skeptic Charles Biderman, the CEO of TrimTabs, says the FORTUNE Recovery Index won’t see an uptick until 2010.
Few individuals derive quite so much pleasure from digging through data as Charles Biderman. He’s the always-opinionated, hyper-watchful numbers hound behind TrimTabs Investment Research, the firm that FORTUNE partnered with to build our Recovery Index.
And though he’s a Harvard Business School grad, Biderman’s insights about how the market moves are more than purely academic. In order to pay back his school loans, he spent the 1970s and 1980s building a career in real estate development until, in 1988, his bank went broke and his loans were called.
Biderman was forced into personal bankruptcy and emerged with key insight: price is a function of liquidity, it has nothing to do with value.
…more…