David Dreman

The worst buys of the past few years, such as real estate and stocks, may prove to be the best investments a few years from now, said David Dreman, chairman and CIO of Dreman Value Management. “I think we’re factoring in some pretty major inflation,” Dreman told CNBC. Dreman predicted that this will lead interest rates to reach 10 to 12 percent in 2 to 4 years, which will be good news for stocks and real estate over time.

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Some of the nation’s best and most famous investors -- Warren Buffett, David Dreman, Ken Heebner and William Miller -- had hideous years in the bear market of 2008.
 
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David N. Dreman was a star mutual fund manager. Then he bought bank shares and held on as the financial crisis grew. Now he has been fired from the flagship fund that bears his name, despite what remains a good long-term record. The fund’s name will be changed, and the fund will take fewer risks. A drab industry will become a little drabber.

Bill Miller, Martin Whitman and David Dreman, mired in the worst slumps of their careers, are poised once again to trounce the stock market.

The good news is that the worst of the liquidity crisis seems to be over. After a slow start the Federal Reserve Board under Chairman Ben S. Bernanke has done an outstanding job containing the panic in the financial system and dispelling the fear of a total meltdown. Despite all this, the market is beginning to show signs of a comeback. The underlying fundamentals of the U.S. economy are still strong. David Dreman of Dreman Value Management gives us three relatively well behaved banks.

Famed Value Investor David Dreman appeared in WealthTrack.

Watch the interview.

Famed Value Investor David Dreman and Contrarian says "The market right now is as tricky a one as we've seen since the implosion of the high-tech bubble eight years ago. Federal Reserve Chairman Ben S. Bernanke has a problem on his hands: a very wide-ranging panic surrounding financial institutions. This is a problem that mere cuts in interest rates cannot cure."

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Wow, What a way for Mr. Buffett to end the year with a couple of hits. First, Buffett purchases conglomerate Marmon Holdings for $4.5 Billion. The size of the acquisition makes it a Buffett play all along. An easy way to find out who is doing the investments for Berkshire is looking at the size of the deals. Warren Buffett’s investments are usually in billions of dollars, whereas Lou Simpon and others make investments range in the millions (i.e. Carmax).

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Thomas Jefferson once said that banks are more dangerous than standing armies. Certainly with Chairman Alan Greenspan at the helm of the Federal Reserve this was the case. Under his leadership the Fed was instrumental in creating two bubbles. The dot-com bubble of 1995--99 was followed by a grand loosening of credit that resulted in a second bubble, the housing mania of 2001--05. Still, when a bubble implodes there are always good opportunities for folks who have the courage to take risks.

Washington Mutual Chief Executive Kerry Killinger has made some big mistakes and ranks among the major executives who have mismanaged their companiesHe's up there with the senior executives who steered these major institutions the wrong way," said David Dreman, chairman and chief investment officer of Dreman Value Management LLC.

"He's made some pretty big mistakes," Dreman said in a telephone interview. "He's been very good at building the company, but he's been very bad at some of his decisions."