Possibly a graduate of The Bernie Madoff School of Accounting?
Haven’t watched entire video. From the mentioned discussion point it seems he’s attempting to demonstrate that an equal probability of risk (ie loss) can be achieved by investing 8X the amount of money in 2-year T Bills as in stocks. And at the same time he seems to be suggesting that the potential gains would be 8X higher with his bond position as for stocks with only equal amounts of downside risk. Be suspicious of his claim that “everybody in the business knows this”. (Get the feeling you’re being talked down to?)
The analysis is incomplete / faulty on many levels. His 16% assumption about the “average” stock market sell-off / gain is out of thin air. He cites a 16% sell-off last December as some sort of proof. Obviously, a stock sell-off / gain can be of greater or lesser magnitude (and not necessarily equal). He claims treasury bonds were the only asset class to increase in value in December 2018. Misses completely that gold climbed 5% during the month.
He seems to imply that a half-percent cut in the fed rate would translate into a 2% increase in the value of 2 year Treasury. That might be true, I can’t find any charts or calculators that might prove or disprove the assumption. But I also doubt that the correlation is as direct as he suggests.
His case rests on the assumption that by multiplying the bond term (2 years) X 8 you come up with a risk quotient equal to that magical (probable) 16% gain or loss in equities. Somehow this is supposed to translate into 8X the gain potential in 2 year treasuries as for equities. Makes no sense (he’s comparing entirely different concepts). However, it’s impossible to analyze precisely without at least knowing how much the value of that 2-year bond would be affected by a half-percent drop in rates.
Confuse, offucsate and misdirect - Maybe no one will notice. :) Possibly Mack didn’t understand - or it’s equally possible she decided to let the idiot’s words speak for themselves.

Give it 3 - 5 yrs... Very difficult to stay atop for 5 straight yrs

Take a look at WAMCX . Strong performance over the 1,3, and 5 year timeframes.

Nothing ... if I’m reading the charts correctly.
The S&P has risen around 15.5% since the first of the year. The DJI isn’t far behind at +12.5%.
Either of those numbers would be a fine return over a full year - let alone a bit over 3 months. Price’s Blue Chip TRBCX has done even better, up 18+% YTD. So where’s the beef? Day-traders and novice investors might focus on short term market moves. Most of us not.
BTW - If you’re focused strictly on short-term moves, take a look at BA. Off about 17.5% since the most recent 737-MAX fatal crash one month ago. So yes - if you were waiting in cash until the crash and than dove in and bought BA in the immediate aftermath you could be sitting on a one month 15% loss on BA vs the 15% YTD gain the S&P is sporting.
Some charts: https://www.barchart.com/stocks/quotes/BA/performance

In addition to John Oliver’s focus on investing in mobile homes, you might also want to invest in mobile home parks. Some reasons (From Mobile Home University):
- “From the New York Times to Bloomberg, mobile home park investing is starting to be recognized as an attractive real estate sector ... Mobile home parks have the highest yields in commercial real estate, with starting cap rates often over 10%, and cash-on-cash returns of 20% standard fare.”
- “If you believe that the U.S. economy will continue to decline in the years ahead, ... then mobile home parks are virtually the only form of real estate that performs better in a recession. ... Over 20% of the U.S. population has a household income of $20,000 per year or less (which is nearly the poverty line). As America gets poorer, mobile home parks are the only form of housing devoted to this demographic ...
- “One reason that mobile home parks have long held their value is the simple fact that virtually no city or town in the U.S. will allow new parks to be built. Why? Nobody wants a mobile home park as a neighbor, and their vocal dislike for mobile home parks eliminates any chance of political approval.”
- “Another interesting barrier is the difficulty tenants have in moving their home out of a mobile home park. It costs around $5,000 to move a mobile home, so virtually no tenants can ever afford to move. As a result, the revenues of mobile home parks are unbelievably stable.”
https://www.mobilehomeuniversity.com/articles/why-invest-in-mobile-home-parks.php

Agreed! I'd pay up to maybe .90 for that (which I do for PRBLX) but 1.32 is too much.
Also noted this fund has only been around for 5-ish years so it's really thrived as growth funds thrived. Let's see how it handles the ext GFC before getting too excited..

If the fund has little turnover (a good thing), then what do they do that requires a 1.32% ER (not a good thing)?

@BenWP @davidrmoran
I noted, too; that the M* chart indicates price and NAV.
The M* function for "performance" is reported to include all distributions, as is the the case with Stockcharts. I did not attempt a performance compare at M*.
David mentioned the 3 year period for these two, which is linked next. The returns for this period are very close.
3 year chart of the two

BWP,
Something strange here.
3y $10k growth (not price) for DSENX is $10k to $15,893, 4/9/16 to 4/8.
Moat reached $16,332. Same period, from $10k.
I cannot understand your graph or how you got it, but it is marvelous.
Ah, ah, okay, yours is price. Wild that there is such a price delta even so. Never do price. I want to know only growth w reinvestments.

@BenWP- Well, if you can't be as cool as Catch, you can be cool with links.

Very easy to do:
1) • type in your link title: VanEck Vectors Morningstar Wide Moat ETF
2) • use your mouse to "select" (highlight) that title.
3) • Go up to the top of your post where it says B, I, U, S, etc. Go out to the next-to-last icon on that line- the one that looks sort of like a paramecium. Click on that gizmo.
4) • A small box will appear. Just paste that horrendously long URL directly into that box.
5) • Now your Link title is colored blue, and looks like this: VanEck Vectors Morningstar Wide Moat ETF
See, you can be much cooler than that grumpy guy who posts all those links every day!

Here's an ungodly long link from a M* chart, showing that MOAT's cumulative performance over DSENX is about 20% for last 3 years. The 5 year period, not shown here, is similarly favorable for MOAT. I wish I could be as cool as @catch22 with my chart.
http://quotes.morningstar.com/chart/etf/chart.action?t=MOAT&region=usa&&dataParams={"zoomKey":7,"version":"US","showNav":true,"mainSettingId":"main","navSettingId":"nav","benchmarkSettingId":"benchmark","sliderBgSettingId":"sliderBg","volumeSettingId":"volume","id":"F00000O2CJ|F00000QBC0","type":"FE|FO","region":"USA","name":"ARCX:MOAT|XNAS:DSENX","qsType":"USA:MOAT|F00000QBC0","baseCurrency":"USD","defaultBenchmarks":["$FOCA$LB$$|Large Blend|CA]FE","XIUSA04G92|S&P 500 TR USD|XI"],"hideDividendMenu":false,"startDay":"04/09/2016","endDay":"04/08/2019","chartWidth":955}

Chuck Akre has been in my portfolio for decades. I've always searched for a backup fund due to his age, to no avail. I've watched his former analyst over at HFCSX but haven't been impressed. My original purchase in 2009 is up 300+ and I have sold portions as Akre's portfolio exceeded 15% of my total holdings. A good portion of my AKRIX is now house money. I wish I could meet the dude..... I also owned FBRVX once upon a time.

Hi @BenWP
Being curious about these noted investments, I've placed a chart next. I also added a SP1500 reference. The time frame of the chart is limited by inception dates, I presume. Also, Stockcharts reportedly includes all distributions.
Chart, Nov. 2013 to date

@MikeM and @davidmoran: I did overstate the performance figures for MOAT vs. DSENX. I relied on the "chart" function on M* which has cumulative performance. 3 years +22.76% for DSENX and +41.98% for MOAT, but the 5-year difference is not huge. MOAT made a very wise modification to its methodology after a bad 2015 when the fund wound up with a slew of energy companies at the wrong time. They doubled the number of stocks and abandoned the quarterly rejiggering of the whole portfolio, producing fine results. All-in-all, it's an endorsement of the M*'s wide-moat strategy with which I'm happy. I have advocated previously for MOAT here, but my voice has been drowned out by waves of postings and complaints about their frequency. For a few years I owned BFOR and MOAT, but the latter has left the former in the dust. The so-called GAARP fund from Barron's has really disappointed.

Personally, I think transparency is overrated (how many people read their fund's quarterly disclosures, let alone check the holdings day by day?).
Nevertheless, I'm unclear on what your concern is. Currently, no funds, not even actively managed ETFs, disclose their holdings more than daily. Authorized participant (AP) trading is based on portfolio composition files and indicative values, not on knowing exactly what's in the fund. So even now, ISTM AP trades are based on imperfect indicative values.
As far as passively managed ETFs go, some don't even disclose their holdings except monthly (and even then, with a lag). Again, what APs are buying and selling is based on portfolio composition files (baskets) which do not match what is in the fund (especially for index funds that use sampling to track their benchmark index and may be using the baskets to tweak their holdings).
Maybe (actually I'm sure) I need to think this through some more. Still, I've always felt that transparency is not the big deal that ETF proponents make it out to be.
M*, The Most Over- and Undersold Benefits of ETFs
Related M* video: Are ETFs Overrated?

FYI: Akre Focus Fund (AKREX) takes buy-and-hold investing to heart, often holding the same small group of stocks for years at a time.
The $9.8 billion mutual fund, which was up more than 19% in the first quarter of this year, currently has 22 holdings that the fund managers believe compound shareholder capital at above-average rates of return. Investments are made based on four criteria, says John Neff, one of the fund’s portfolio managers.
Regards,
Ted
https://www.wsj.com/articles/a-funds-long-time-frame-forever-11554688920
M* Snapshot AKREX:
https://www.morningstar.com/funds/xnas/akrex/quote.html

FYI: In "The Active Dangers of Passive Investing," on a website serving financial advisors called Advisor Perspectives, guest columnist Vitaly Katsenelson writes:
"If you own the S&P 500 (or long-term bonds), you implicitly think one of several things is true: 1) Interest rates have a zero or insignificant probability of going up; 2) I'll be able to get out in time; or 3) I have a life-sized statue of John Bogle in my living room, and I have a very, very, very long time horizon."
Purchasing long-term investment assets requires trust. Doing so involves handing over a valuable possession--that is, money--with no guarantee that the sum will be returned in full (as expressed in real terms), except for certain inflation-protected securities. Investing is an act of faith.
However, as Katsenelson suggests, views differ. Your reason for owning long-term assets may not match mine.
Regards,
Ted
https://www.morningstar.com/articles/922789/whats-your-investment-faith.html

FYI: After a three-month rally that’s added more than $800 billion to the value of FAANG stocks, individual investors have decided it’s time to cash out of the high-flying names.
Retail clients at brokerage TD Ameritrade increased their overall exposure to equity markets for a second consecutive month in March, yet they sold shares of Amazon Inc., Facebook Inc., Netflix Inc. and Apple Inc. All four members of the so-called FAANG cohort -- which also includes Google parent Alphabet Inc. -- have gained at least 35 percent since stocks bottomed on Christmas Eve, one-and-a-half times the S&P 500’s return.
Regards,
Ted
https://www.fa-mag.com/news/faang-s--800-billion-rally-has-mom-and-pop-calling-it-quits-44227.html?print

@BenWP, I don't follow MOAT but I've seen it mentioned (very little) here at MFO in the past. A quick glance in M* shows it to be a pretty nice fund. But, "clocked' DSENX? In 2018 maybe. But in any case, both strategies seem successful in comparison to the S&P 500 and large value or Large blend overall. What I do like about it is it is heaviest HC and Tech, both sectors I think are worth overweighting long term. Thanks for the tip.
DSENX
YTD 18.3
1Y 12.7
3Y 16.7
5Y 14.4
MOAT
YTD 15.9
1Y 16.2
3Y 17.8
5Y 11.9

Recent discussion here decried the absence of online Category Kings on the WSJ site. Today the compilations appeared in the "Investing in Funds" monthly section, albeit with only 5 entries per category. Hiding at #2 in Multicap Core we find the Van Eck Morningstar Wide-Moat OEF, MWMZX. Don't rush out to buy it unless you have $1M or can avoid the restricted status. I wonder why it exists and why the WSJ can't do a better job of bringing us funds we can actually buy. The leading performing fund this month is a Fidelity fund almost no one can access. The Van Eck OEF appears to be a clone of the very successful MOAT ETF that I have mentioned here before. MOAT has outperformed the SPY over 3 and 5 year periods and it has also clocked the favorites of a couple of board members, DSEEX and DSENX over almost any time period.
I have not researched this comparison, but my conclusions are that the M* wide-moat strategy is by far the most successful of those affiliated with an investment publication. I looked at Barron's BFOR, the MotleyFool funds, the ValueLine funds, and Eddy Effenbien's Crossing Wall Street. There must be others I don't know of. The MOAT ETF strategy has spawned MOTI, DURA, and GOAT, although the latter three have not attracted many investors. I'd suggest the global GOAT to any member who is reeling from poor NCAA bracket choices. BTW, am I indeed the only MFO discussant to own MOAT? For the record, I also hold DSENX and CAPE.

FYI: What a difference three months can make in the world of top-performing mutual-fund managers.
Regards,
Ted
https://www.wsj.com/articles/and-the-no-1-stock-fund-manager-is-11554689520?mod=article_inline