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These are the folks I want managing my overseas bucks. I sold SFGIX, kept MACSX, and will be allocating more dough to Grandeur Peak. Note in the report that they reduced exposure to emerging markets when it was the wise move. I like the sounds of their new EM fund as well. Happy New Year!
Reply to @Kenster1_GlobalValue: I'm not an investor in any of their funds but I love their cited quote:
“[Y]ou often hear financial professionals say such things as ‘forecasting market direction from here is exceptionally difficult’ in a tone conveying ‘gee, this is really strange.’ Well, I think forecasting the market over short-term horizons is always exceptionally difficult. If they said, ‘Our market-timing forecasts are mostly useless most of the time, but right now, they are completely useless,’ I suppose I’d be OK with it, but I’m not holding my breath that they will.” -- Clifford S. Asness, "My Top 10 Peeves," Financial Analysts Journal, volume 70, number 1 (January/February 2014): ahead of print.
Comments
Good Q4 Commentary here as well...
http://www.grandeurpeakglobal.com/documents/pdfs/gpgox-comm-20140115.pdf
“[Y]ou often hear financial professionals say such things as ‘forecasting market direction from here is exceptionally difficult’ in a tone conveying ‘gee, this is really strange.’ Well, I think forecasting the market over short-term horizons is always exceptionally difficult. If they said, ‘Our market-timing forecasts are mostly useless most of the time, but right now, they are completely useless,’ I suppose I’d be OK with it, but I’m not holding my breath that they will.”
-- Clifford S. Asness, "My Top 10 Peeves," Financial Analysts Journal, volume 70, number 1 (January/February 2014): ahead of print.