The Arithmetic of Equities By Whitebox Advisors

Andrew Redleaf of Whitebox Advisors penned an interesting letter a few months ago entitled, "The Arithmetic of Equities."  In it, he points to the folly of Bill Gross' "death of equities" commentary and makes the case for stocks.

Redleaf asks a simple question: "Why do U.S. institutions hold less of their money in equities than they have for decades?"  Instead of summarizing, we'll leave you with the entire letter embedded below:



You can download a .pdf copy here.