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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.

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December Commentary is posted …

edited December 2021 in Fund Discussions
https://www.mutualfundobserver.com/2021/12/

“I learned this morning that my best friend of nearly 50 years, Nicholas Burnett, professor emeritus at Sacramento State, was being removed from life support.”

Sorry to hear of your loss David.

Comments

  • Wow, a heavy start of December 2021 MFO Commentary with 3 obituaries: Burnett, Stewart, & MFO (sort of).
  • edited December 2021
    BTW, the Commentary is not marked as Announcement/Sticky and is sliding down the index w/o new posts here.
  • Hi, guys.

    It's "announced" now, so it will stay atop the page.

    One got a sense that something was up when Debbi called my cellphone yesterday morning for the first time ... well, ever. The conversation started with the words, "Oh, David ..." and sobbing. The day did not noticeably improve from there. (sigh) Thanks for your kind thoughts at a tough time.

    I have no particular opinion on the Church of Latter Day Saints, but I am slightly amazed by the consistency with which the Utah-based funds succeed as investors, as citizens and as teachers. Maybe it's the tang of salt in the air?

    I'd put Osterweis on the same shortlist with Mairs & Power for small firms that get it quietly right over really sustained periods. I might be too enthused by the Brown Advisory fund, but finding for a flaw in their execution is challenging. And the artificial wall between open-end funds and exchange-traded funds is being pierced almost daily. The same companies that dominate the OEF space are moving to dominate the ETF space though conversions and clones.

    Originally I'd hoped to name this site FundWatch.com. A squatter in the Netherlands wanted $25,000 for the URL so, no. (Mercer now owns it.) To the extent we have an active going-forward, it would be good to find a way to signal the fact that we care about pooled investment vehicles (PIVWatch?) and recognize that the wrapper makes a difference in only a few special instances (you can't close an ETF to new investments so in a capacity-constrained strategy, you need an OEF, as an example).

    Cheers and holiday good wishes!

    David
  • edited December 2021
    My best friend of over 50 years I met as a roommate my first year at CMU in ‘65. Both in our late 70s now, we sometimes contemplate the unthinkable. “With all its sham, drudgery and broken dreams, it is still a beautiful world. Be cheerful. Strive to be happy.”
  • @David, my condolence to your loss. Thank you for another incredible Commentary.
  • @David, I am very sorry to read of the loss of your almost-lifelong close friend. It's a strange feeling when part of our life dissolves suddenly, not to be reconstituted - when breath becomes air, as the title of that searing memoir had it.
    Your monthly commentary will be missed (though that absence is the lesser of the two).
  • @David - I am truly sorry to hear of your loss having lived through the same just a few short years ago. It's heartbreaking and I can only echo your sentiments regarding expressions of love and caring whenever you can, and as often as you can while you can. Peace.
  • edited December 2021


    Originally I'd hoped to name this site FundWatch.com. A squatter in the Netherlands wanted $25,000 for the URL so, no. (Mercer now owns it.) To the extent we have an active going-forward, it would be good to find a way to signal the fact that we care about pooled investment vehicles (PIVWatch?) and recognize that the wrapper makes a difference in only a few special instances (you can't close an ETF to new investments so in a capacity-constrained strategy, you need an OEF, as an example).

    Cheers and holiday good wishes!

    David

    Interesting observations.

    I looked up fundwatch.com and there is mercerfundwatch.com, a fund advisory for HK and Singapore. This "Mercer" (not related to the "Mercer family" in news in recent years) is a subsidiary of Marsh & McLennan/MMC.

    I think that MFO - Mutual Fund Observer name caught on nicely.

    There have been several instances where creation/redemption processes for ETFs were disrupted and then they traded just like CEFs at premium/discount. Of course, ETFs are not designed with this in mind, but that can happen. And ETNs (terrible sponsor IOUs) are famous for shutting at the worst possible times for their holders.
  • Just a few brief notes on David's launch alert segment for BIAYX. Intrigued by the fund I checked into it at Fidelity. The minimum there is $2500 AND they won't/don't let you buy it in a retirement account unless you call them. For whatever reason (at least I couldn't find one in either the funds literature, website or prospectus) Fidelity has tagged this fund as being tax-advantaged and endeavors to dissuade one from buying it in retirement accounts. YMMV.
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