Charles Sizemore

Portfolio Manager at Interactive Brokers and 1 other company
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  • The differences in tax efficiency will generally be minimal and will only be noticeable during times of investor redemptions.

  • When you're at the top of the economic cycle and profits are booming, a stock can seem artificially cheap, as the denominator – the 'E,' or earnings – is inflated. At the same time, near the bottom of the economic cycle, when profits are depressed, a cyclical stock can look expensive in P/E ratio terms because the denominator is temporarily depressed.