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.
Mike Wilson has had opportunities in fall 2023 to adjust his views as more data became available. He struck to the inverted yield curve narrative too long. One would think there are ample resources at MS that he can lean on in order to see other more balanced views over a longer time horizon.
Recent interview with David Giruox mentioned that TRP evaluate stocks on a 5-years investment horizon, not short term. Their longer view pans out nicely in a number of TRP funds.
How is it that all this supposedly “expert” and well timed investment advice emanating from the highest levels of corporate America flows apparently seamlessly down to we average schmoes free of charge? (OK - maybe a cable bill from watching bubblevision).
I’ll have to confess I got what I paid for from Wilson. No complaints.
Info also has time value. So, the firm's proprietary research goes first to high-paying clients. But after that info gets stale in just a few days, it's everywhere for free - X/Twitter, Yahoo Finance, WSJ/Barron's, CNBC, etc. The paying clients get upset when they find that the info they paid for turned out to be so bad.
FWIW, firm strategists have the difficult job of providing info daily, weekly, monthly to their salesforce/brokers. The outliers make news for a while, but the market eventually makes a fool out of them and firms get rid of them. So, most stay with safer, middle of the road opinions.
Late Charlie Munger said it best. He didn't care if his opinions/views turned out to be right or wrong, but those made people think contemporaneously, and that's all that mattered.
Last year my advisor from Morgan Stanley returned 2.32% on my account. He said it was because the chief investment advisor was very "bearish". I should have just left my money in a Fidelity Money market account. This was the first time I used a Morgan Stanley advisor and last time too.
Comments
Recent interview with David Giruox mentioned that TRP evaluate stocks on a 5-years investment horizon, not short term. Their longer view pans out nicely in a number of TRP funds.
(link)
I’ll have to confess I got what I paid for from Wilson. No complaints.
FWIW, firm strategists have the difficult job of providing info daily, weekly, monthly to their salesforce/brokers. The outliers make news for a while, but the market eventually makes a fool out of them and firms get rid of them. So, most stay with safer, middle of the road opinions.
Late Charlie Munger said it best. He didn't care if his opinions/views turned out to be right or wrong, but those made people think contemporaneously, and that's all that mattered.