There’s no question that Peter Lynch was a great fund manager. Great interview.
But would he be as successful today, or over the past 5–10 years? I doubt it.
The internet has made global data instantly accessible, and information moves at lightning speed. That makes playing the valuation game much more difficult.
High-tech companies have dominated for years now — even though their valuations remain expensive.
Bill Miller beat the SP500 for 15 years and then he lost most of it.
He made so much more by investing in AMZN and bitcoins https://en.wikipedia.org/wiki/Bill_Miller_(investor)
Buffet said years ago "diversification is protection against ignorance," for investors who know what they are doing, the other 98% should buy the SP500.
BTW, Peter Lynch was different; Magellan was diversified with over 1000 stocks, a stark contrast to the concentrated portfolios of investors like Warren Buffett.
I’ve always told teenagers to find work they enjoy — but to also go where the money is.
For example, a friend of my son loves working on cars. I told him, “Be a mechanic at a Mercedes-Benz dealership, not at Ford.”
And being a caddy is also a great job — good pay, great connections, and valuable experience.

Decided to be contrary, and bought MGOIX as the last leg on the bond fund ladder for the IRA. It's a taxable muni fund categorized as intermediate core by M* and as municipal general & insured debt by MFO P/(Lipper). Like a lot of bond funds, it hit the skids in 2022. Interest rates may very well go up from here; let's hope they don't go up 5% in a year.

Looking at flows via MFOP, GLD has had some INFLOWS, but GDX has OUTFLOWS. So, not many have boarded the gold train. It may be looked at as a positive (more people may finally join) or a negative (rally is on borrowed time).
GLD https://i.ibb.co/Xx56rdSC/MFOP-FLOW-GLD-100825.png
GDX https://i.ibb.co/DHT5BckY/MFOP-FLOW-GDX-100825.png

I got hit on several fronts at that time. As a major player in that space, the company that I worked for (a spinoff) had issued us stock options. I also participated in the discounted ESPP. And had some company stock in my 401K, as well. The stock options evaporated, along with most of the ESPP and 401K company stock holdings.
A lot of older folks got it worse, they kept buying more as the stock slid to 1/10 of its market high. Then came the layoffs. We went from 120K employees to about 35K IIRC. The good news was that I kept my job. Two mergers later, I am still with them. Now a multinational with over 100K employees again. It has been a wild ride!

Oooof. Good for you!!!
The stock options I had at the Dot Com I worked for (global DNS operator / 'center of the internet') went from a strike of $14 to a high of over $400. Having come from government, I dutifully sold whatever vested the day i could because to me it was 'found money' that I wouldn't have had otherwise....mostly as the stock kept rising. The rest, I dumped the day I left at $92 as the NASDAQ was crashing in Jan '01 which paid off a mortgage I had for all of 3 months. (Still living here!)
If I knew then what I know now, I would've played with put options to hedge some of my paper winnings when I couldn't sell them. But while a few friends sold and made high single digit MM at the top, I certainly can't complain with what I came away with either.
The only reason SAIC spun us off and sold us to VRSN was because our price was driving the private stock of SAIC too high, and the employee-friendly CEO always wanted the stock to be available to *anyone* in the company at a reachable price. So we were sold to VRSN for $21B. (SAIC paid 4.7M for us only 5 years earlier ... so we essentially gave that huge defense contractor several years of profits right there). The company never really recovered afterwards, though, and the name today is merely a shadow of its former self, now owned by a PE-backed web services conglomerate.
I am not really interested in any AI companies. There's too much hopium going around, the stocks are pumped ten ways to Sunday, and in a few years folks hopefully will see that the 'magic' of AI isn't what the hype purported it would be. The only 'AI' exposure I have is in natgas and electric utes around the world .. but even then, they were necessary even before AI came to town. The world (ex-US) is embracing renewables, and natgas is a transition fuel anyway.

Perhaps this is overstating things a bit, but I view the pricing of funds like these as Madoff-light. Like Madoff's portfolios, funds like these can make the ride look smoother than it is. When done with a light touch, it is legal. Business judgment.
Models and assumptions allow for a fair degree of flexibility. It seems that only when declared prices diverge too much from reality are they called into question. As with Madoff and as with Heartland years ago when it failed to reprice bonds after defaults.

The SEC alleged that the Milwaukee-based investment firm failed to properly price the value of some bonds in the Short Duration High-Yield Municipal Fund and the High-Yield Municipal Bond Fund in 2000. The funds had invested primarily in non-rated medium- and lower-quality municipal bonds. When projects underlying some bonds held by the funds went into default and other projects were failing, Heartland didn't accurately re-price the funds to reflect the lower valuations, the SEC said. The net asset value of the high-yield fund plummeted 69.4% in one day, and the short-duration fund fell 44%.

https://www.investmentnews.com/fixed-income/heartland-fined-39m-for-mispricing-funds/13500
"The company and its chief executive [in 2000], William J. Nasgovitz, were fined $3.5 million."
I will not invest in Heartland funds, at least so long there is a Nasgovitz there. William J. is Chairman of Heartland and co-manager of HRTVX, while his son William R. is CEO and also co-manages HRTVX.

The first time I invested in gold and silver (CEF, IAU, and SIVR -- all in my retirement portfolios) was because I followed Rono on this Board. I've stuck with those investments for 15+years and I'm glad I did.
THANK YOU, Rono -- for sharing your wisdom and perspective here. I'm glad to see you posting again.

Thanks Ron Owens for the PM market update. You are a valuable resource.
Nice interview with Don Durrett about miner stocks here:
https://seekingalpha.com/article/4828131-gold-and-silver-mining-stocks-potential-winners
Pretty much in agreement with Ron Owens, Don Durrett concurs that silver miners have much greater profit potential than gold miners:
"Currently, I use $5,000 gold and $100 silver. And I actually think those are conservative right now. I think they both need to be pushed up a little bit."

There is significant uncertainty surrounding Level 3¹ valuations
which rely on management's internal models and assumptions.
The CCLFX Annual Report dated March 31, 2025² indicates
that 64.67% of the fund's investments³ were classified as Level 3 assets.
¹ https://accountinginsights.org/the-fair-value-hierarchy-explaining-levels-1-2-and-3/
² page 160
³ excludes forward contracts and swap contracts

Schwab told me that the Cliffwater interval funds are essentially closed to new investments - "REDEMPTIONS only".

Followed up with Schwab again. Was told that most of their alternatives focused advisors will only talk to you if you have > $500K to give them, but that they did have access to the Cliffwater interval funds.

@larryB - after the min of $100K, you can sell down at Fido in the short-term with no fee because you've paid the $50 TF. So it's not necessarily 14 investors, though its friggin tiny.
I'm trying to beat Money Market rates (where ever they do go) and this Fund will get a small allocation.

@DrVenture- you may not be familiar with Ron Owens ("rono") who started this post. He is one of MFO's very earliest members, and in earlier years posted quite frequently.
rono has always been a guiding light on MFO regarding the proper place for gold and silver, both the bullion itself and associated interests such as miners, in a portfolio.
He typically has exposure to both gold and silver, to about 10 or 15% if I recall correctly, and has frequently observed that when these are in an upward cycle (like now) as a percentage silver is likely to increase in value even more than gold.

Love to hear more thoughts on this topic from others. I own no PM (or bitcoin), but the temptation is always present. Still, big run ups and high valuations spook me more than anything else.
I am interested in any asset class that might be a place to shift equity into. These daily "new highs" make me very uneasy. I am embracing bond oef for the first time in about 5 years. And bond cefs for a couple years now.
What else makes sense if dollar keeps declining and equities are getting toppy?
Edit to add: https://www.cnbc.com/2025/10/07/ray-dalio-says-today-is-like-the-early-1970s-and-investors-should-hold-more-gold-than-usual.html
-Ray Dalio, founder of one of the world’s largest hedge funds, believes investors should allocate as much as 15% of their portfolios to gold.
-The precious metal surged to an all-time high above $4,000 an ounce on Tuesday.
-Dalio said gold stands apart as a hedge in times of monetary debasement and geopolitical uncertainty

Buying PAPIX. SD of 1.0. It has 34 out of 36 monthly periods positive = 94% rate.
If it gets me over 5% annually with a smooth ride, its a nice add.

Howdy junkster,
Long time. You make a great point. For the vast majority, back up the truck is 5-10%. Not to mention being careful getting into an ongoing bull market. DCA would be most appropriate
That said, I honestly see this run lasting a long time and being a momentum investor, I've been scaling in for a while. At least since the election.
Stay safe,
Rono

Thanks Ron, I understand where you are coming from. Personally, I think the dollar decline is still in the early innings so that should bode well for gold and the other assets that do well with a declining dollar. But I could be dead wrong and I am a worrier on any and all of my positions. I am always reminded of that saying ( by General Patton I think) that when everyone is thinking alike, someone isn’t thinking. That is most apropos on investment boards where everyone seeks out uniformity and confirmation from the crowd on their holdings.

Howdy junkster,
Long time. You make a great point. For the vast majority, back up the truck is 5-10%. Not to mention being careful getting into an ongoing bull market. DCA would be most appropriate
That said, I honestly see this run lasting a long time and being a momentum investor, I've been scaling in for a while. At least since the election.
Stay safe,
Rono

I got hit on several fronts at that time. As a major player in that space, the company that I worked for (a spinoff) had issued us stock options. I also participated in the discounted ESPP. And had some company stock in my 401K, as well. The stock options evaporated, along with most of the ESPP and 401K company stock holdings.
A lot of older folks got it worse, they kept buying more as the stock slid to 1/10 of its market high. Then came the layoffs. We went from 120K employees to about 35K IIRC. The good news was that I kept my job. Two mergers later, I am still with them. Now a multinational with over 100K employees again. It has been a wild ride!

Howdy folks,
This article is by a long time friend of mine that founded Liberty Coin Service here in Lansing. Please note he has always been a gold-bug. As for my take on the PM markets . . . back the truck up and fill it. Seriously, I can't see anything changing that has led to both gold and silver up over 50% YTD. Unlike the Big Bonanza that ran from 2002 to 2012, this time I'm not playing the individual junior silver miners but going with the ETFs in that space. Silver is STILL where the leverage is, more so than gold. The low I can remember on gold is in the $700-800 range and it's not hitting $4K. That's 5x. Silver, OTOH, has gone from under $4 to around $50 (twice) which is 10+x. Riding SILJ, SLVR, CEF, PSLV, SGDJ and as forever, some PRPFX. Getting clobbered on my short Tesla, but FEH, it's casino money. Have taken a stake in BKF - again for shits and giggles.
https://l.facebook.com/l.php?u=https://www.numismaticnews.net/ever-climbing-precious-metals-market?fbclid=IwZXh0bgNhZW0CMTAAYnJpZBExQlRodGZ1N21TTXl3RXRNVwEetsiuvTesUl_c6RASyypHosQS_a4yTI6y6_VMWdDz1GrVYos6I4H-liMT76o_aem_Ub0IXFuiuZ24aPE4G_dU6g&h=AT0l_CTxFSxB2gIrKD_HsjNGwH_RiI_vJkw0lhtcFHs_2nxnj_nEdxcPghn9tvDXTO4EM4SoIu3Bv7hWU3TtcXL9TlrF2IgVZg5j_M9nnjyHomCF6PWXBfYyMNpYrrlZoQzHdyoYgA4PrAtD&__tn__=-UK-R&c[0]=AT2JSD-g0IYxcFjobt_xJMCVOnBLQFTjb5pa9Cb3-hf_5oZGUgAmJJ6OLJZUxKfNXhmIcTEvCyo4jXrhYvcRh77r5RTSEC665P-4Etlrn_zsJJAjT2JNddl71gHBjF_Wlgmd2rojgBgVcs-GuRgInr2fIgXLqj32yoZix1-OStpxw-_FNIBygReYly9DZIbW-tf0mxsqEr6gIlv_eTnv29BXLHo
Hope this article comes thru,
And so it goes,
Peace,
rono

Ah Global Crossing. Lost $5000 on that one. What about MCI.
I sold CSCO in my IRA at a profit of something like $40,000 but my wife pulled a Warren Buffet ( holding period forever etc) and in her taxable account we rode CSCO down.
We kept ORCL.
Now what? Anybody else in the same boat? We have a capital gain of $250 a share

I am leery of this class in general in a slowing economy with increasing consumer stress, especially auto loans etc.
If the manger is exceptional, may work out, but i would be cautious and these things will probably be a lot cheaper in the near future

Just google sub-prime auto lending. Even Ford is getting in on it for their F-150's.
Anything north of 20-25% for ABS in a fund and I pass it by unless it's Fed MBS's. Seems like a lot of these specialized ABS funds are too new to have been through a recession--not counting the covid panic.

And this, from the BBC:

Chinese car making giant BYD says the UK has become its biggest market outside China, after its sales there surged by 880% in September compared to a year earlier.
The company says it sold 11,271 cars in the UK last month, with the plug-in hybrid version of its Seal U sports utility vehicle (SUV) accounting for the majority of those sales.
It comes after figures from the car industry body the Society of Motor Manufacturers and Traders (SMMT) showed that sales of electric vehicles (EVs) jumped to a record high in September.
The UK is particularly attractive to firms like BYD as the country has not imposed tariffs on Chinese EVs, unlike other major markets such as the European Union and the US.
BYD, which offers cheaper models than many of its Western rivals, said its share of the UK market jumped to 3.6% in September.
The company will launch more new hybrid and electric cars in the months ahead, said the BYD's UK manager Bono Ge. He added that the brand's future in Britain looks "hugely exciting", having just opened its 100th retail outlet.

Eating our lunch.