Be Defensive for Rest of 2013: Cantor's Cecchini

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Nov. 1 (Bloomberg) -- Cantor Fitzgerald's Peter Cecchini discusses his investment strategy with Julie Hyman and Adam Johnson on Bloomberg Television's "Street Smart." (Source: Bloomberg)

Up with his sector.

Are things going to be different than they have been historically?

Historical results are not necessarily indicative of the future.

Throughout my career, we have seen industrials pushed into the last few months of the year.

Your point is very well taken.

The market is stretched coming into the end of the year.

I am much more defensive.

I like things that you smoke or drink.

I like your style.

Where is matt miller when we need him?

How do you play the consumer staples?

There is not necessarily a way i love to play the staples.

There are some etf's in the consumer area.

However, the way you play the market into the year other than laying the staples themselves is to get more defensive overall in your were folio.

-- other than playing the staples themselves is to get more defensive overall in your portfolio.

A 15.2 multiple is historically on the cheaper in.

-- end.

The key is to figure out when you are at that if elections point -- inflection point in the earnings cycle.

That analysis changes.

If i am looking at multiples, they may be challenged for several reasons.

If we see taper into early next year, i natchez, which have been driving earnings growth, will be challenged.

-- financials, which have been driving earnings growth, will be challenged.

People have been calling it and it has not happened.

I was constructive in the first half of the year.

The markets continue to rally.

There are a lot of people who have been in my shoes who believed the market would pull back a little bit sooner.

The rising tide has lifted all boats.

Earnings have been much less important.

It has really been about fed policy.

It has been about how accommodating the fed has been.

Is that part of your thesis?

That is the key driver of my fees is.

Tapering would have happened a little bit earlier -- that is the key driver of my thesis.

Given the fiscal climate, the fed could not act.

You could be referring to the shutdown.

Yahoo comes to mind when i think about the people in congress.

We were glad you were here today.


This text has been automatically generated. It may not be 100% accurate.


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