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Wealthtrack - Weekly Investment Show

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  • July 30, 2021 Episode:





    His Marketwatch Columns:
    https://marketwatch.com/author/lawrence-a-cunningham
  • Are we in a new Treasury bond bull market? New this week is an insightful report, “From cornering the market to backed in a corner” from Michael Contopoulos, Director of Fixed Income at Richard Berstein Advisors. The RBA team has generously agreed to share it with our viewers
    wealthtrack-Insight_Cornering_the_Market_08.21.pdf
  • 50 years ago, on August 15, 1971, President Richard Nixon shocked the financial world by ending the convertibility of the dollar to gold, upending the monetary and currency exchange system that had been in place since 1944. This week Nick Sargen, author of Global Shocks, joins us for a WEALTHTRACK podcast to explain the consequences of that momentous decision which are still being felt today.


  • beebee
    edited August 27
    August 23 Episode:




    The Intelligent Investor:
    I read the first edition of this book early in 1950, when I was nine-teen. I thought then that it was by far the best book about investing ever written. I still think it is.

    To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information.What’s needed is a sound intellectual framework for making decisions and the ability to keep emotions from corroding that framework. This book precisely and clearly prescribes the proper framework. You must supply the emotional discipline.
    -Warren Buffet
    The_Intelligent_Investor
  • Starting to read The Intelligent Investor for the first time.
    - Interest rates will be a head wind for both stocks and bonds (especially LT bonds)...when interest rates rise.
    - Graham Consistently recommends a 50/50 portfolio. High grade bonds and index like equities.
  • Sounds Bogle-ish. I read it twice. Absolutely rapt, whenever I had it in my hand.
  • Aug 28th Episode


  • edited August 29
    Lots of talk, a grand total of one stock as the "one investment," and never a word about mutual funds that own "quality." LC even cited an investment co. that offers mutual funds as the only concrete example of a "quality shareholder" - Neuberger Berman - but never mentioned their mutual funds. I was surprised Consuelo never said a word about the option of owning a fund instead of individual stx.
  • beebee
    edited August 29
    AndyJ said:

    Lots of talk, a grand total of one stock as the "one investment," and never a word about mutual funds that own "quality."

    That's interesting. The show took me to funds that have a large position in BRK.A or BRK.B. For example FCNTX owns both share classes.

    Berkshire holds a slew individually publicly traded stock (ie KO, MMM) that they hold "forever in the Berkshire Ecosystem". For example, Berkshire owns 9.28% of KO stock which makes up 7.8% of Berkshire's Stock.

    I don't think of Berkshire purely as a stock. Maybe more like a conglomerate stock...a companies that owns many companies. Berkshire is diversified across sectors (consumer, RE, Finance, etc). BRK.A or BRK.B seems much like a mutual fund.

    If you own BRK.X stock it comes with a management team that eat their own cooking and charges an ER of Zero. Reminds me of maybe even a Hedge Fund since it owns entire companies that are not traded publicly (GEICO, See Candy).

    Berkshire is a conglomerate stock. What assets does it hold? Lots.

    List_of_assets_owned_by_Berkshire_Hathaway

    berkshire-hathaway-portfolio

    top-5-shareholders-berkshire-hathaway-brka-brkb

    Lastly,
    Buffett Shaped Berkshire As An All-Weather Conglomerate
  • edited August 29
    @bee: Yes, BRK's a conglomerate. There are also some of those in Europe and Asia, for example Jardine Matheson.

    Companies with moats are usually thought of as "quality." Here's a M* article with ten funds they considered top of the moat heap back in 2018. There are more of course, including the etf MOAT. (The M* moat rating for funds must be a premium feature; that field is blank on my non-premium screen.)
  • @bee. Good point re BRK

    Riddle me this. Curious as to your thoughts re companies that have investment VC like groups within them. Note INTC Intel, CRM Salesforce, GOOGL Google. And another I find intriguing. Palantir

    Wonder if it makes better sense in investing in these companies which look to the future in this central bank manipulated sheise markets

    BTW. Did anyone really think Powell was going to announce tapering. Like not just jawbone and kick it into the future?

    Best to all,

    Baseball Fan
  • beebee
    edited September 4
    Sept 3rd Episode:




    PYEWX

    Also, look at short lived Vanguard Emerging Markets Bond Admiral, VEGBX

    image
  • beebee
    edited September 11
    Another Nod for Emerging Market from Arnott


  • edited September 18
    Thank you. Good interview from Arnott.

    Mr. Arnott manages several Pimco tactical allocation funds: All Asset, PAANX, All Asset All Authority, PAUNX. Neither one is particularly outstanding through the full market cycles. Why is that?

    What makes Vanguard Emerging Markets Bond Admiral, VEGBX doing well over PYEWX?
  • Sept 17th episode:


  • Good thread @bee. The Sept 17 episode is quite thought provoking and actionable.
  • BaluBalu said:

    Good thread @bee. The Sept 17 episode is quite thought provoking and actionable.

    I am aware of Schwab's Fundamental Index Funds. Do they have an equal weighted 500 Index mutual fund?
  • Mona ,would RSP etf meet your needs?
  • carew388 said:

    Mona ,would RSP etf meet your needs?

    RSP seems to be an equal weighted 500 Index product and is available at Schwab. For no good reason I gravitate to OEFs but if one is not available, an ETF will work. Thank you.
  • I'm moving in the opposite direction. I'm moving towards ETFs because I want the flexibility to sell whenever I need to, with zero transaction fees.
  • beebee
    edited September 28
    Sept 25th Episode:
    Risk and opportunity go hand in hand. Risk is more important than opportunity because you can often manage risk while opportunity merely presents itself to be considered.

  • edited September 28
    Good observation @bee. Not too many people pay attention and devote time to the complex topic of risk, starting with the basics of defining what risk means to them.
  • Oct 2nd Episode:


  • Oct 9th Episode:


  • edited October 9
    I often watch Wealthtrack but haven't viewed the Chuck Royce episode.
    Is Mr. Royce "talking his book?"
  • Anyone have a a favorite “buy and buy more” small cap fund?
  • edited October 10
    I like Vanguard Tax-Managed Small Cap (VTMSX) for taxable accounts.
    The fund attempts to tracks the S&P 600 index while minimizing taxable gains.
    VTMSX has performed well vis-a-vis small blend funds since my initial purchase approximately 10 years ago.
  • edited October 10
    The Bridgeway funds are tried and true. Especially BRSVX & the micro cap fund BRSIX. I don’t currently own any.
    I see these two have reasonable expense ratios but the other micro cap fund they run has a ER of over 2%! No wonder I’m in VBR.
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