Hi, guys.
Lynn does exceptional work, especially in trying to look at where the puck is going to be. Great analyses of portfolios that might survive a crash and lessons for 200 years of bear markets.
We also offered two Launch Alerts for MFS Active Midcap ETF (the ETF version of a solid if not spectacular MFS fund) and GMO Domestic Resilience (a niche that I'm not 100% sure is worth exploring: at base, a play on reshoring industrial production).
We also reviewed the performance of over 1000 "rookie" funds (more than one year, less than two) and nominate 10 as distinguished performers with at least decent downside protection. Rather a lot of them are the ETF clones of successful funds, which is interesting from two perspectives: 1. the migration continues and 2. there's evidence that migration works.
The publisher's letter is a bit ... thoughtful? A new version of a 2014 essay that looks at the domestication of Christmas and the reminders it offers. A reflection on Mr. Buffett's Thanksgiving letter (which contains rather a lot of "the medical news has not be excellent, but I made it to 95" hints and on heroes. And a potential explanation for why the market continues, against all logic, to rise. Short version: it's possible that the kids have sort of given up on long-term compounding and home ownership and are defaulting, in uncomfortably large numbers, to gaming the market instead of investing. There's more (and more detail) coming in the New Year's edition.
Wishing you all the best,
David and Chip
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Cheers!