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.
hella bad time in the cycle for you to have to be making a decision to abort, yet.....such a thorough scrubbing kinda rules out a serious health problem as cause. another smoldering coal gets added to the pile. how many is too many?
There is still some stability/consistency left at TAVFX. This is from the Morningstar analyst report:
"Victor Cunningham, Michael Lehmann, and Yang Lie remain on the fund's manager roster. They were added in January 2013 as Third Avenue moved further toward a team-managed approach to its funds. Lehmann and Lie have been with the firm for well more than a decade. Cunningham only joined Third Avenue in 2012 but has just as much industry experience. One analyst, who joined Third Avenue in 2013, is assigned to the Value team, though the team collaborates with other researchers at the company."
I will be curious to see if the portfolio changes at all. I read an article (which I can no longer find so going by memory) in the past where Marty Whitman wanted to invest in Lehman Brothers prior to it going under. I think that it was Lapey that told him not to go there. TAVFX took a hit in 2008 (it was also hurt by redemptions at that time) and hasn't recovered. I own both TAVFX and TAREX. For now, I will keep both. I will be interested to read 3rd quarter portfolio manager commentary.
it was either Lehman or Bear Sterns. One of the co that went under. As an FYI, I also own Selected American which has been suffering (relative performance) and recently fired Feinberg. We shall see. I am either patient or stupid (or both).
As an FYI, I also own Selected American which has been suffering (relative performance) and recently fired Feinberg. We shall see. I am either patient or stupid (or both).
Does anybody know why Feinberg left or was fired? I haven't been able to find out any information about that. It seemed that for years, Feinberg and Chris Davis were two peas in a pod. Sort of like the situation with Ian Lapey. They just don't tell you anything other than, 'he's been replaced.'
not really. My guess is that someone had to take the fall for weak relative performance. Selected knew about risk that AIG was taking and didn't sell the position prior to it going under. Davis mentioned that Goei has outperformed S&P since they began tracking his results.
Comments
http://www.reuters.com/article/2014/06/10/ny-third-avenue-idUSnBw106021a+100+BSW20140610
"A slave stood behind the conqueror holding a golden crown and whispering in his ear a warning: that all glory is fleeting."
"Victor Cunningham, Michael Lehmann, and Yang Lie remain on the fund's manager roster. They were added in January 2013 as Third Avenue moved further toward a team-managed approach to its funds. Lehmann and Lie have been with the firm for well more than a decade. Cunningham only joined Third Avenue in 2012 but has just as much industry experience. One analyst, who joined Third Avenue in 2013, is assigned to the Value team, though the team collaborates with other researchers at the company."