Michael Dzialo, President and Chief Investment Officer of Managed Asset Portfolios, spoke on Jan 28
David Morrow | Published on 1/28/2025
Michael Dzialo, President and Chief Investment Officer of Managed Asset Portfolios (MAP), spoke to the Club on January 28th about the state of the stock market.
Dzialo has more than 35 years' experience in the investment industry. Twenty-five years ago, he founded MAP, and it now manages over 1$ billion in assets. His primary message was that we should be wary of prevailing narratives, or "Don't drink the Kool-Aid." He gave numerous examples of prevailing narratives that worked for investors until they didn't, including the Nifty Fifty trend from the 60's, the dot-com era of the 90's, and the real estate bubble ending in 2008. Even though the past 24 months have been the best such period in history, these gains have not come from earnings but from valuations. These valuations are dominated by the largest 10 companies in the S&P 500. But these companies are overvalued, and history shows better gains have come from smaller companies. Dzialo addressed the status of inflation, rate cuts, AI, China, government spending, budget deficits, and other factors affecting the market. He also fielded numerous questions from our members on such topics as the auto industry, the bond market, ETF's and mutual funds, and advisor compensation.
For pictures from the meeting, see: January 28, 2025 Members Meeting