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https://www.artisancanvas.com/?filter=tag+eq+artisan-canvas:authors/david-samraPrior to joining Artisan Partners in May 2002, Mr. Samra was a portfolio manager and a senior analyst in international equities at Harris Associates LP, from August 1997 through May 2002.
https://mebfaber.com/2020/04/29/episode-216-david-samra-the-primary-driver-of-our-behavior-is-finding-a-company-that-trades-at-a-discount-to-intrinsic-value/I worked in the international group there with a very famous value investor, David Herro, who still operates the Oakmark International, Oakmark International Small Cap Fund. And I worked there for five years and left there in 2002. By then I had had almost 10 years worth of experience as an analyst and decided that like to try employing my own philosophy, and I found a terrific home here at Artisan. We launched the International Value Fund in 2002.
Keeping your eye on the ball doesn't help when the ball keeps bouncing lower and lower.How do you handle the scrutiny that comes with being such a large shareholder in controversial names such as Credit Suisse CSGN: CH?
You stay focused on doing what is best for your clients, which means pushing managements to stay focused on long-term value creation.
We've written about both successful EM funds with low China exposure (2021) and funds that, by prospectus, exclude China (2023).Mobius, founder of Mobius Capital Partners, has been a longtime booster of Chinese equities, yet revealed why he’d changed his mind ...
The investor revealed that he had funds trapped in an account with HSBC in Shanghai. “I can’t get my money out. The government is restricting the flow of money out of the country,” he said.
Mobius continued that the Chinese government was “putting all kinds of barriers” in his way. “They don’t say, ‘No, you can’t get your money out,’ but they say, ‘Give us all the records from 20 years of how you’ve made this money,’ and so forth. It’s crazy.”
Not sure I want to hold on to them for that long. Five year holding period is required for I bonds before facing the 3 months interest penalty. Selling the paper I bond at local bank sounds reasonable as @yogibearbull suggested. This would be a brand new experience since I last sold stock (certificates from employee stock plan) several decades ago.After all, one's got 30 years to get things straightened out.
Trump's selection for Postmaster: Louis DeJoy. Saboteur from within.For many years we received the current issue of The Economist on Saturday. As of a few months ago it now comes three or four days later- Tuesday or Wednesday. Good grief!
The Supreme Court agreed on Monday to take up a case that could threaten the existence of the Consumer Financial Protection Bureau and potentially the status of numerous other federal agencies, including the Federal Reserve.
A panel of three Trump appointees on the Fifth Circuit Court of Appeals ruled last fall that the agency's funding is unconstitutional because the CFPB gets its money from the Federal Reserve, which in turn is funded by bank fees.
Although the agency reports regularly to Congress and is routinely audited, the Fifth Circuit ruled that is not enough. The CFPB's money has to be appropriated annually by Congress or the agency, and everything it does is unconstitutional, the lower courts said.
The CFPB is not the only agency funded this way. The Federal Reserve itself is funded not by Congress but by banking fees. The U.S. Postal Service, the U.S. Mint, and the Federal Deposit Insurance Corp., which protects bank depositors, and more, are also not funded by annual congressional appropriations.
In its brief to the Supreme Court, the Biden administration noted that even programs like Social Security and Medicare are paid for by mandatory spending, not annual appropriations.
"This marks the first time in our nation's history that any court has held that Congress violated the Appropriations Clause by enacting a law authorizing spending," wrote the Biden administration's Solicitor General Elizabeth Prelogar.
Conservatives who have long opposed the modern administrative state have previously challenged laws that declared heads of agencies can only be fired for cause. In recent years, the Supreme Court has agreed and struck down many of those provisions. The court has held that administrative agencies are essentially creatures of the Executive Branch, so the president has to be able to fire at-will and not just for cause.
But while those decisions did change the who, in terms of who runs these agencies, they did not take away the agencies' powers. Now comes a lower court decision that essentially invalidates the whole mission of the CFPB.
The CFPB was the brainchild of then White House aide, and now U.S. Senator Elizabeth Warren. She issued a statement Monday noting that lower courts have previously and repeatedly upheld the constitutionality of the CFPB.
"If the Supreme Court follows more than a century of law and historical precedent," she said, "it will strike down the Fifth Circuit's decision before it throws our financial market and economy into chaos."
The high court will not hear arguments in the case until next term, so a decision is unlikely until 2024.
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