Oakmark's McGregor: 'The hardest time to invest is always right now'

Clyde McGregor, portfolio manager for the Oakmark Equity and Income fund -- who is retiring at the end of the year -- returns to Money life noting that one of his former partners liked to say that "The hardest time to invest is always right now." That's how he feels today, with stocks feeling expensive and with so much money piled into the top stocks in the big indexes -- because past times when there was that concentration have played out poorly for the broad market -- but he notes that his fund is moving out of growthier companies he bought on sale last year to stocks that have done poorly this year but which are positioned for good returns moving forward. Celebrating Black Friday the Money Life way, Chuck goes discount shopping in closed-end funds with John Cole Scott, president of Closed-End Fund Advisors -- chairman of the Active Investment Company Alliance -- examining three funds to determine whether big current discounts represent a real deal, an average play or a fake-out. Plus, Maya Corbic, author of “From Piggy Banks to Stocks: The Ultimate Guide for a Young Investor” discusses the need and the right way to teach children about money.