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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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our December issue has posted

Hi, guys.

It starts with a short piece on failure and how to get better at it. Since all managers have lots of failed investments, I encourage folks - perhaps not strongly enough - to start looking more closely at how clearly, honestly and thoughtfully their fund managers own up to those mistakes.

Leigh Walzer follows with a nice piece that addresses an issue we've discussed before, whether to bail on a stumbling fund. He's more yes than no on leaving.

Ed talks about what happens when younger managers, confident but unburned, confront a bear. He remains thoughtfully ambivalent, I think, rather like David Swenson at Yale. Both argue that market-beating, or at least fee-justifying, talent exists but that most folks would be better off indexing most of their money.

Hmmm ... profile of Fidelity Total EM, Elevator Talk with the folks at Matisse Discounted Closed-End Fund and a launch alert on the latest Gundlach vehicle.

A fair amount of talk about the premium site, most of which you already know. Follow-ups on stories from the past couple months. A slug of liquidations. Holiday cheer. Stuff, ya know?

I hope you enjoy it.

David

Comments

  • Thanks David. Sad news about FundFox. It revealed a unique and interesting side of the mutual fund industry that more investors should care about.

    Speaking of managers owning up to mistakes, you had mentioned that you were planning to meet with the manager of RPHYX / RSVIX in November. Any update there?
  • Several of us have taken the position that we’re likely in the early stages of a bear market. The Wall Street Journal (12/01/2015) reports two troubling bits of economic data that might feed that concern: US corporate capital expenditures (capex) continue dropping and emerging market corporate debt defaults continue rising. For the first time in recent years, e.m. default rates exceed U.S. rates.

    Who is Several of us?
  • "This is somewhat embarrassing, isn’t it?"

    Commentary is missing.
  • Hi, JC.

    Where are you clicking from? The commentary seems intact when I click from the email, the homepage and the commentary tab.

    Anxiously,

    David
  • I'm clicking on the Commentary link at the top of this page. Using iPhone iOS.
  • edited December 2015
    Hi John- must be an issue specific to the smartphone format, as opposed to the web-browser formatting. Works fine here using Firefox variant specific to OS 10.4.9. If possible, borrow another non-Apple smartphone & see what happens there. If it works OK, that will narrow it down to the iPhone iOS.

    OJ
  • edited December 2015
    The apparent text section in question from the December 1 commentary is below and is opening of the paragraph just above "Briefly Noted", which is #17 in the content list.
    I do agree with the two previous comments; that I also don't understand who to attribute this statement to.....as noted by @VintageFreak...."Who is Several of us?"; followed by @JohnChisum and his question/statement.


    "Several of us have taken the position that we’re likely in the early stages of a bear market. The Wall Street Journal (12/01/2015) reports two troubling bits of economic data that might feed that concern: US corporate capital expenditures (capex) continue dropping and emerging market corporate debt defaults continue rising. For the first time in recent years, e.m. default rates exceed U.S. rates.

    Briefly Noted . . ."

    Regards,
    Catch
  • @catch22- I gather that you don't know who the us am?
  • Hi @Old_Joe
    I was an early "us" in 2008, but I ain't an "us" just yet for this cycle......... :)
  • @JohnChisum Please try this link and let me know if it works for you: http://www.mutualfundobserver.com/category/mutual-fund-commentary/
  • Sorry about the delay. Been running since 5:30 this morning, trying to catch up on my professoring, chairing, dad-ing and email. Yikes.

    The "us" in "several of us" are Ed and me, several equity managers I've talked with but who don't particularly want to be quoted on the matter, and the folks I cited in the original article (Leuthold, GMO, and so on).

    Back to being dad.

    David
  • I had a question regarding POLRX. PGRIX seems more attractive to me and has higher manager investment. However assets so low I worry they will shutter it. Anyone has any insight on Pollen?
  • @chip,

    That link worked.
  • @JohnChisum
    Good to hear from you.You piqued my curiosity .Certainly share your observations concerning some but not close to the majority that post on this site.

    How to Become a Curmudgeon
    Three Parts:Having a Curmudgeon’s Personality Acting Like a Curmudgeon Determine the Kind of Curmudgeon You Want to Be
    Excerpts
    Make sure you pick your battles. If you want to be a curmudgeon who plays an important role versus one who is a negative whiner, you should make sure you ground your complaints in knowledge.

    Have legitimate and rational concerns when you do express your opinions. Don't go to war over everything or people will start tuning you out. Take a stand when you think it really matters.
    Ground your complaints in evidence. If you back up what you say instead of just complaining all the time, you will be taken more seriously.

    However, not all definitions of the word are negative. For example, an alternative definition says curmudgeons are people with stubborn ideas or opinions. This might be laughed at by some, but it can be a strength at times. It's certainly necessary for any institution or society to have people willing to say what no one else will.
    Start paying attention, and you will see curmudgeons in public life everywhere. They are a common character in movies and politics, for starters.

    Supreme Court Justice Antonin Scalia is sometimes considered a curmudgeon. This is because he will often play the iconoclast, and his contrary opinions are often filled with words that are designed to have an attention-getting flair. However, he has an underlying mission and stays true to his stated values - he wants to make a point about the problems with the majority decision. Curmudgeons consider themselves lonely arbiters of common sense – and sometimes they are right.[7]
    Clint Eastwood in the movie “Gran Torino” is a curmudgeon. “Get off my lawn,” is his famous catchphrase. Walter Matthau is a curmudgeon in the movie “Grumpy Old Men.” Dana Carvey’s character “Grumpy Old Man” on Saturday Night Live is a curmudgeon.[8]


    Deep down, many curmudgeons are caring people who put the interests of others first, and in fact think they are serving some greater good by complaining. They are willing to risk their jobs and reputations to advance values they hold dear. There is something admirable about that.
    What curmudgeons are not is cruel. They don’t try to punish or hurt individuals; they are too busy warring against systems for that. They aren't mean. Grouchy? Yes. Cruel? No.***
    ***(my note;in a few instances on this site,the line has been cruelly crossed at times}
    http://www.wikihow.com/Become-a-Curmudgeon
  • @chip,

    That link worked.

    I think it's likely that your iPhone is storing (caching) old links. To fix that, you might want to consider clearing the browser cache. If you're using the Safari browser, the steps are:

    Press Settings > Safari.
    Scroll down and tap Clear History and Website Data.
    Tap Clear History and Data.

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