Paul Moore, CIO of PM Capital, says as the data out of the US continues to hold up it is clear to him that the medium to long-term recovery story is in tact

Paul Moore, CIO of PM Capital, says as the data out of the US continues to hold up it is clear to him that the medium to long-term recovery story is in tact. However, having raised $170million in December PM Capital is still holding 80% cash in their Listed Investment Company. Moore says, from that point of view it is a bit frustrating because markets remain at their highs. We just need to be patient and wait for the market to come to us. Moore maintains that most investors, including himself, are guilty of spending too much time focusing on macro events and forecasts. The best economic research we do is the real anecdotal information at the company level. Moore is looking for assets that will deliver a 10% return and says if you can find those businesses eventually the market will figure it out and you'll do ok.