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I'm feeling the same way, though it's difficult to stay convinced, right about now.I bought GS, JPM and MTB last week. I see longer term opportunities in financials.
Yes. And frankly I think him (or anyone) holding GEHC and their Aviation group spinoff (whenever it happens) will do well in the long term. I'm interested in them myself.Giroux just moved GE from his Top 5, even Top 10, but GE +GEHC (spinoff) combo still had the weight of 1.84% of AUM on 12/31/22. So, that was down from 2.00-2.25% of AUM earlier (Edit: GE topped at 4.7% of AUM in early-2022) . I think that he will stick with GE until the last spinoff happens next year (Power Vernova). Since October low, GE has done quite well when mid-December spinoff GEHC is taken into account. When GE was his #4 or #5, it was just too much distraction for him in the media as he was asked about it in almost every media interview.
Yeah Hank, I agree..... and don't forget his mea culpa on GE last year, too. But he strikes me as a fairly grounded person and not exactly comfortable doing interviews (TV, anyway) so we'll see.+1
In fairness, I don’t anticipate TRP doing that. What I see is investors chasing performance and the fund has been hot and attracting interest / money for a long time now. And Giroux, for better or worse, has claimed a lofty perch next to Gabelli, Cohen and other rock stars in Barron’s “Roundtable” two years running. I was a bit surprised he was invited back a second time in light of a couple of his early 2022 calls. Specifically a fondness for AMZ (which tanked shortly thereafter) plus a prediction the 10-year wouldn’t end the year above 3% - or some silly number. One wonders if that kind of fame and public scrutiny helps, harms, or has no effect on a manager’s psyche and decision making ability.
I thought so too that they were different, until I reread the WSJ article (April 2, 2023) that I cited and that was referenced in the Daily Mail piece (via MSN).Japan's Sakhalin exception was done LAST YEAR while formulating the oil price-cap policy, https://english.kyodonews.net/news/2022/11/b7ea9d8ec6d2-us-excludes-oil-for-japan-from-russias-sakhalin-2-from-price-cap.html
The NEW price-cap exception for Japan is recent, https://www.msn.com/en-gb/money/other/japan-breaks-with-western-allies-and-buys-russian-oil-above-dollar60-a-barrel-cap/ar-AA19qoFT
This was a Saturday piece in the WSJ, not picked up by most major news sources. No independent source. These facts indicate that the WSJ story is background material, not breaking news.In the first two months of this year, Japan bought about 748,000 barrels of Russian oil for a total of ¥6.9 billion, according to official trade statistics. At the current exchange rate, that translates to $52 million, or just under $70 a barrel. Russia exports millions of barrels of oil a day, making Japan’s purchases a minuscule share of total Russian output.
I recall trying to put the Equity-Income ETF in my IRA. Somehow, it would not let me do it. I do own the OEF version. I have TRP T-IRA and TRP brokerage. Other than that, my wife holds BRUFX independently, directly with the Bruce guys.Currently, TRP ETF's have not garnered much in AUM. Blue Chip Growth and Dividend Growth each have +$300M and Equity Income +$100M. Otherwise, mainly $20M or so per fund.
TCAF could be a winner for them?
I daresay it depends on how hard they end up promoting Giroux as PM. If they really ramp up their Giroux bandwagon it would give me serious pause about remaining in PRWCX ... i don't like being involved w/PR-oriented "rock star" fund managers that are marketed out by their firms. (I like my investments, and my fund managers 'boring' and relatively anonymous.)Currently, TRP ETF's have not garnered much in AUM. Blue Chip Growth and Dividend Growth each have +$300M and Equity Income +$100M. Otherwise, mainly $20M or so per fund.
TCAF could be a winner for them?
The price cap is no longer a real cap if the 2nd richest economy needs an exception.
Here’s a look at every country’s share of the world’s $101.6 trillion economy:https://www.visualcapitalist.com/countries-by-share-of-global-economy/
Rank Country GDP (Billions, USD)
#1 United States $25,035.2
#2 China $18,321.2
#3 Japan $4,300.6
#4 Germany $4,031.1
#5 India $3,468.6
Al Jazeera, How China and India’s appetite for oil and gas kept Russia afloat, February 24, 2023.China and India, both of which have declined to condemn Russia or impose sanctions over the war, became the biggest buyers of Russian crude oil last year as Western countries restricted imports and imposed sanctions.
China’s imports of Russian crude oil spiked 8 percent in 2022, the equivalent of 1.72 million barrels per day (bpd), according to Chinese customs data, making Russia the East Asian giant’s second-biggest supplier.
https://foreignpolicy.com/2022/12/21/europe-russia-energy-climate-change-policy-renewable/European Union leaders said the war has had a silver lining in terms of moving the bloc forward on targets for renewable energy. Countries that were previously reluctant to get on board with expanding renewables are finally doing so, and those on the wagon are investing more. As a result, as part of its REPowerEU package, the EU agreed to increase its targets for renewable energy to 45 percent by 2030 this week, up from a prior target of 40 percent. (The EU gets just over 20 percent of its total energy from renewables right now.) A new report from the International Energy Agency suggests the world could add as much renewable energy in the next five years as it did in the last 20 years.
...
But you can’t make silver without getting some dross. In an effort to replace Russian oil and gas in the short term, countries like Germany are reactivating some old coal-fired power plants to fill the energy gap. Countries including France, Austria, the Netherlands, and Italy are putting mothballed coal plants back into service. And EU countries are negotiating long-term contracts for gas with countries like Qatar, which policymakers said could ultimately lock these countries into buying more gas than they hope to need by the time 2030 rolls around.
https://www.euractiv.com/section/energy/news/sakhalin-exception-the-russian-energy-japan-cant-quit/[Japanese] Government data released on Thursday [Jan 19, 2023] showed that oil imports from Russia fell around 56% last year, while coal imports were reduced by 41%.
But imports of Russian liquefied natural gas (LNG) were up more than 4% in 2022.
Sakhalin-1 produces oil, while Sakhalin-2 produces both crude and LNG, and experts say access to Russian gas is what Japan is most concerned about protecting.
Last year, 9.5% of Japan’s total LNG imports came from Russia, up from 8.8% in 2021 — most of it from Sakhalin-2.
So when Japan joined a price cap on Russian oil last year with its G7 allies, the European Union and Australia, it obtained an exemption for Sakhalin-2.
https://www.wsj.com/articles/japan-breaks-with-u-s-allies-buys-russian-oil-at-prices-above-cap-1395accbJapan has almost no fossil fuel of its own and relies on imported natural gas and coal for much of its electricity.
...
“It’s not as if Japan can’t manage without this. They can. They simply don’t want to,” said James Brown, a professor at Temple University’s Japan campus. Prof. Brown, who studies Russia-Japan relations, said Japan should move to withdraw from the Sakhalin projects eventually “if they’re really serious about supporting Ukraine.”
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