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Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
  • Buy Sell Why: ad infinitum.
    Sorry. It is a typo. SFGIX is the correct one. Both the investor and institutional shares are closed to new investors for some time. However, Andrew Foster and his team also run the smaller value-oriented fund, and it is open. However, only the institutional share is available - $25K minimum and $49.95 at Fidelity.

    SIVLX is the symbol for the value fund. I purchased this week. First equity fund I have bought in many a moon. Hope I don’t jinx it,

    @Junkster, I am a fan of Paul Espinosa and have owned Seafarer Overseas Value Fund for a few years now. Why are you interested in the fund?
    @Mona nothing more than an international datelining play this Tuesday due to the action in our markets that day coming after the huge decline Monday, Will stay with it, maybe increase, until it begins to retrace back to my entry point, More to this story but that is the gist of it. Also a lucky trade as they used fair market pricing on Tuesday. Also bought EIDOX that day as it has been my go to emerging market debt fund over the years, I have been super bullish since that 65 to 1 day a few weeks back. But I prefer junk bond and emerging market debt funds to equity on such signals. Had I used an equity fund back then would have been stopped out. Now let’s hope everything doesn’t unravel next week.
    Edit: The smart people here are the ones in funds like BISAX who have stuck with it in spite of all the naysayers calling for the end of the world.
  • Buy Sell Why: ad infinitum.
    Sorry. It is a typo. SFGIX is the correct one. Both the investor and institutional shares are closed to new investors for some time. However, Andrew Foster and his team also run the smaller value-oriented fund, and it is open. However, only the institutional share is available - $25K minimum and $49.95 at Fidelity.

    SIVLX is the symbol for the value fund. I purchased this week. First equity fund I have bought in many a moon. Hope I don’t jinx it,
    @Junkster, I am a fan of Paul Espinosa and have owned Seafarer Overseas Value Fund for a few years now. Why are you interested in the fund?
  • Tariffs
    @JD …. “Four more years.” Four more years? It’s not by coincidence that this regime has gone to great lengths to secure control of the levers of power. If his health allows,,,, 2028 might just be a four digit number. Or in plain language,,,, if he can’t steal an election,,,, why have one at all.?
  • Tariffs
    Well, he starred on the Apprentice for many seasons. He is fully qualified, but for what "office" I don't know. Maybe he should have been on the Office TV series.
    It takes a special brand of con man to file so many bankruptcies and STILL be considered a great financial negotiator...at least, in the eyes of some poor souls.
    We get almost 4 more years of the Accordian.
  • Buy Sell Why: ad infinitum.
    @Observant1
    Is this fund available as NTF?
    I see it as fees only option at Schwab and Fido.
    @Sven,
    I hold two international equity funds - MIEIX (CIT clone version) and ARDBX.
    These are the top-performing funds in my portfolio YTD.
    I don't hold dedicated international/global bond funds but my DOXIX fund has minor international exposure.
    MIEIX has returned 8.57% YTD while ARDBX has returned 7.67% YTD according to M*.
    International equity funds have underperformed domestic equity funds for many years.
    Perhaps this may be a turning point - who knows?
  • Home sales last month dropped to their slowest March pace since 2009
    Hi @hank To the best of my knowledge, Michigan is the only state that has this real estate tax inflation protection (noted below). And areas not too far from you have seen vast property value rises in the past twenty years for new purchases. A hot real estate market, eh?
    The Headlee Amendment, a 1978 amendment to the Michigan Constitution, limits local property tax revenue growth to the rate of inflation, plus new construction. It effectively rolls back millage rates when property values rise faster than inflation, preventing excessive tax burdens on homeowners. This amendment, along with Proposal A, permanently reduces millage rates during periods of economic growth.
    Here's a more detailed explanation:
    Purpose:
    The Headlee Amendment was created to prevent accelerating property tax burdens caused by inflation, property value growth, and government service expansion.
    How it works:
    If a local government's taxable value increases faster than inflation, the millage rate must be reduced to limit revenue growth. This is known as a "Headlee Rollback".
    Headlee Override:
    Voters can approve a "Headlee Override" to restore the original millage rate if it has been rolled back.
    Proposal A:
    Proposal A, passed in 1994, further limits the growth of taxable value on individual properties, building on the Headlee Amendment's revenue limitations.
    Impact:
    Headlee and Proposal A can lead to permanently reduced millage rates, even during periods of economic recession, as there's no mechanism to restore the original approved rates.
    Voter Approval:
    The Headlee Amendment requires voter approval for any local tax increases or new taxes established after the amendment's approval.
  • Buy Sell Why: ad infinitum.
    @Sven,
    I hold two international equity funds - MIEIX (CIT clone version) and ARDBX.
    These are the top-performing funds in my portfolio YTD.
    I don't hold dedicated international/global bond funds but my DOXIX fund has minor international exposure.
    MIEIX has returned 8.57% YTD while ARDBX has returned 7.67% YTD according to M*.
    International equity funds have underperformed domestic equity funds for many years.
    Perhaps this may be a turning point - who knows?
  • Buy Sell Why: ad infinitum.
    @Observant1, we also left Vanguard last year to Fidelity after many years of disappointment. For now we only have ARTKX and SFIGX as our main international stock exposure. I like to increase oversea exposure in both bonds and stocks in light of the falling US dollar. Got homework over this weekend.
    Market is up the last 3 days but it is a LONG way from the height of mid-February. Will wait and see until concrete policy is in place.
  • China reportedly orders its airlines to halt Boeing jet deliveries amid US trade war

    most realize it is a momentum mkt, and a short-term correction to all time highs is very much a possibility :
    - being unable to extract any more donations\bribes in 1-on-1 tariff negotiations, trump gets bored and declares victory resulting in status quo via combination of exemptions and suspensions. (abundant signals already)
    - extension of tax cuts actually happen
    - through recession, coercion, or independent decisions, short term rates may get cut
    what the market will get WRONG in its short-term weighting is that there is any viable trump strategy and no longterm economic damage. effective capex injury from halted reshoring away from china has already taken hits for ~10 weeks of uncertainty regardless of MAGA propaganda.
    what the vast majority also gets wrong (continuously) is that they can time it...refer to trump bump and 4 years of a golden age vibe post-election.
  • Tariffs
    Great read! But...
    "...And this time there won’t be a vaccine coming to our rescue. We’re stuck with this chaos agent for three years and three months."
    Hmmm...That's wishful thinking. But scoring at home, I got it at three years, nine months!
  • Tariffs
    Peter Navarro is 75 years old. Maybe his day in the light of genius is fading and and his day in the cognitive scaffolding of his brain is emerging in an inflexible, narrow, misguided caricature of his former, more broader, genius.
  • China reportedly orders its airlines to halt Boeing jet deliveries amid US trade war
    Comment: Boeing has lost 7% of its market value since the start of the year, with potentially a lot worse to follow. @FD1000 notwithstanding, this would seem to qualify as an investment consideration.
    Finally, yes. After dozens of no.
    But wait, why should most care about one stock? Watch the SP500 and let me know.
    Boeing had problems for years now and the stock lost money in the last 3 years(https://schrts.co/iMhxbfFJ)
    If you believe in all your posts. You should sell everything, or at least all your American stocks + bonds and be In MM until Trump is out of office.
    It will be interesting to see your reaction when the SP500 breaks its previous high. I will be back :-)
  • Tariffs
    This morning's POLITICO Playbook was amusing reading ..... seems the WH continues to cave on trade. Not only is FOTUS changing his public tune again on China and the Fed chair, but they’re now trying to ink ‘Memorandums of Understanding’ with countries vs. full trade agreements or Navarro's "easy 90 agreements in 90 days" - in other words, they’re going to officially agree to talk about future agreements & calling it a ‘win’ for Donnie. Lipstick on a pig face-saving moves.
    But the damage has already been done, trust has been lost, and IMO it's quite possible in the comign years that the global economic system will be restructured *around* the US, not necessarily *through* the US.
    I should add that it's IMF/World Bank meeting week down here so of course he’s getting very ‘yippy’ about things when the *real* power players of the world assemble to discuss his tariff tantrums and the global ramifications of his nonsense.
  • Morningstar on New SEC
    https://www.morningstar.com/markets/what-new-sec-leadership-could-mean-crypto-private-markets-more
    "We believe that the SEC will be active in three areas under Atkins’ leadership:
    turning back the clock on cryptocurrency regulation,
    democratizing access to private markets,
    making it easier for companies to stay private.
    ...
    Conclusion
    In summary, three things investors should watch for from this new SEC are a step back from the world of digital assets, greater access to private investments for retail investors, and reducing barriers to capital raising in the private markets.
    All of these potential changes will have significant implications for investor protection that we will monitor in the coming months and years."
  • Buy Sell Why: ad infinitum.
    "looking for EX US bond fund/ etf. Ideas? "
    If global bond funds are acceptable, you may want to check DODLX and PFORX.
    VEGBX seems like a good choice for EM bonds.
    I am not much into screens to find funds but one of my favorite emerging market debt fund I have traded the past couple years has been EADOX/EIDOX If there is a better one out there in the emerging market category I would love to know. AGEYX more of a frontier emerging debt fund is another good one.
  • Tariffs
    All they had to do is say they MIGHT have a deal with China, and this schizo market cheers up (short-term). Of course, major victory will be declared by the US regime no matter what the actual terms end up being.
    The only problem is that no country will trust us for the next 4 years and our name is now "Mudd" on the international stage.
    So much...winning.
  • Just received this email. Schwab anti-trust settlement
    Schwab paid millions to buy USAA Brokerage accounts when I was a account holder at USAA. USAA pocketed those millions (nothing came to the account holders) and Schwab eliminated a competing platform (in this case, USAA Brokerage), so this recent class action suit has merit IMHO.
    Before the transfer date of the USAA - Schwab brokerage account merger, I moved my accounts to Merril/BOA and got some compensation by receiving a transfer bonus of $1k from Merril/BOA.
    A few years later, TD Ameritrade was a better option for me and I moved my accounts from Merril to TD Ameritrade and I received a second transfer bonus of $1K from TDA.
    Then Schwab swooped in again. This time they were after my TD Ameritrade accounts. TDA made lots of money selling these accounts to Schwab.
    Before the TD Ameritrade - Schwab transfer date, I decided to transfer my accounts to Fidelity (who offered a small transfer bonus). Today, I am happy to be with a competitor to Schwab's services.
    My personal story is proof that Schwab buys rather than earns its client base. I realize that USAA and TD Ameritrade also "sold me out" so shame on them for not sharing those profits with their members (accounts holders). That is probably where the client got screwed the most and where the class action suit should have focused some of its efforts.
  • Oakmark International Funds
    Again, OAKMX is a 5*, LCV fund that tracks well vs the S&P, beating it by 2% over the past 3 years, by 5+% over 5 years, trailing it by a measly 0.5% over 10 years, and beating it by 2% over its LFE.
    I don't diss funds that do that, especially LCV funds! I more tend to own them.
    EDIT: Corrected based on @Shostavovich post
    No idea what this has to do with their international products
  • Oakmark International Funds
    Again, OAKMX is a 5*, LCV fund that tracks well vs the S&P, beating it by 2% over the past 3 years, by 5+% over 5 years, trailing it by a measly 0.5% over 10 years, and beating it by 2% over its LFE.
    I don't diss funds that do that, especially LCV funds! I more tend to own them.
    EDIT: Corrected based on @Shostavovich post
  • US stock markets fall again as Trump calls Fed chair ‘a major loser’
    Following are excerpts from a current report in The Guardian:
    President amps up attacks against Jerome Powell, pushing him to lower interest rates to offset impact of tariffs
    US stock markets fell again on Monday as Donald Trump continued attacks against the Federal Reserve chair, Jerome Powell, who the US president called “a major loser” for not lowering interest rates. “There can be a slowing of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW,” Trump wrote on social media.
    In recent days, Trump has amped up attacks against the Fed chair, pushing Powell to lower interest rates to offset the inflationary impacts of the new tariffs. Trump is pressuring the Fed to cut rates, likely to appease the stock market, which plummeted after he announced his newest slate of tariffs. But Wall Street isn’t taking the bait and appears to be reacting in opposition to Trump’s attacks against Powell and the independence of the US central bank.
    The Dow ended the day down 2.5%, while the tech-heavy Nasdaq Composite fell over 2.5% down and the S&P 500 fell 2.4%. Former tech stocks favorites including Tesla and Nvidia lost ground, while the value of the dollar fell to multiyear lows against most major currencies. Stock markets had recovered the losses they endured after Trump rolled out his “liberation day” tariffs proposals, which would have imposed huge levies on all of the US’s trading partners. But almost all the gains made in the stock market following Trump’s announcement of a 90-day pause of his so-called reciprocal tariffs have been erased amid these new jabs against Powell.
    Powell, known to be extremely measured in his public remarks, has in recent weeks spoken out about Trump’s tariffs and warned that they may lead to a “challenging scenario” for the Fed, implying that the Fed has no plans to cut interest rates anytime soon: “Tariffs are highly likely to generate at least a temporary rise in inflation. The inflation effects could also be more persistent,” Powell told reporters on 16 April.
    US inflation peaked at 9% in June 2022 but has slowly come down over the last few years, largely due to the Fed’s careful adjustment of interest rates. The Fed has set its inflation rate target at 2%. Powell often refers to the central bank’s “dual mandate” – to keep inflation in check while maximising employment. Higher interest rates can bring down prices, though it can come at the risk of higher unemployment. Over the last few years, the Fed has been able to bring down inflation while keeping the unemployment rate relatively low, around 4%. Last month, inflation cooled to 2.4%, though the most recent government figures do not account for the Trump tariffs.
    The Fed has long been treated as a nonpartisan, nonpolitical federal agency, though Trump has recently floated the idea of terminating Powell, whose term is up in May 2026. “Powell’s termination cannot come fast enough!” Trump wrote on social media last week.
    Such a move would be unprecedented and would likely put Wall Street into a further tailspin. In an interview with CNBC, Krishna Guha, the vice-chair of Evercore ISI, an equity research firm, said that there would be a “severe reaction” from markets if Trump fires Powell. “I can’t believe that’s what the administration is trying to achieve,” Guha said.
    It’s also unclear whether Trump has the authority to remove Powell from his post. The supreme court is currently hearing a case that could give Trump more power to fire federal officials before their terms are up, though it’s unclear whether that could reach the Fed. Last week, Powell emphasized the importance of the Fed’s independence from political forces: “Our independence is a matter of law,” Powell said. “We serve very long terms, seemingly endless terms, so we’re protected by the law.”
    But that doesn’t mean the Trump administration isn’t trying. On Friday, White House economic adviser Kevin Hassett told reporters that the administration “will continue to study” if they can legally fire Powell.
    Fed officials meet monthly to discuss potential changes to the interest rate. The next meeting between officials will take place 6 and 7 May.