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David -- your first paragraph -- I was not aware of this, and it strikes me as odd since Royce and George seemed to have gotten on quite well for some time, and since George is a respected investor. Can you elaborate and provide more insight and d…
@openice: Royce has a history of benchmarking their funds (some of which can be up to 30% international) against the US small cap index. You'll notice over the past decade or so the proliferation of copy cat funds. And, poor performing managers n…
Wonder if George was looking of a new challenge, Sprott made him an offer he couldn't refuse, or something else.
Personally, I'd be delighted if the move was a vote of no confidence in the Royce culture since the Legg Mason acquisition.
Kind of a …
I used GEICO for years, on the advice of Uncle Warren, untilI discovered a little secret: its not hard to beat GEICO's prices and save money elsewhere. In the regionsI have lived over the past 12 years, GEICO was far from the cheapest insurance ca…
Kaspa -- RYSEX just added a co-manager. Wonder what that will mean for the fund going forward. You're paying for Dreifus, but you're likely about to get a Royce-a-roo bait and switch. I say this as an RYSEX shareholder and victim of past Royce no…
Tangent:
The issue I have with Netflix (as a streaming subscriber) is that they always come up with some kockamamy rationale for raising the fee. The service seldom improves; and the streaming selection improves very very slowly. NFLX has a histo…
Had a somewhat similar experience years ago when I emailed Oakmark with a couple of questions before deciding to buy into OAKBX. I sent a generic email into Oakmark, got a reply from McGregor himself.
Thanks, Ted.
I have a small chunk of discretionary funds in energy that I've been trying to decide to pull the trigger on or not. Not really sure how much longer to hang on. But this is insightful, thanks.
D.S.
David & Derf -- thanks.
I'm in OAKEX at the moment, but am divesting, now that I'm in GPROX (I know its not the same thing). Greatly respect Oakmark (use them in Roth and taxable), but can't figure this one fund out (Herro's quarterly commenta…
I'll repeat my question from the other day -- for all the respect that Herro garners, and the great job Oakmark does overall, why is the Oakmark international small cap fund (OAKEX) so lackluster?
My guess is that sensitivity to criticism of his human frailties, age, and a shrinking asset base have Mr. Gross off balance. As Mike Tyson observed " everyone has a game plan until getting punched in the face." Mr. Gross has had a lifetime of acco…
They're pricey; aside from that, I think the Tweedy crew is one of the few fiduciaries out there.
My sentiments exactly. I like this investing team.
I would have a higher % of my portfolio with them if their expense ratios were quite a bit lower…
David,
I commend you and your team/colleagues for another great commentary. Greatly appreciate this site, and all the work you (plural) do.
Charles, you're a class act.
Cheers.
D.S.
Rjb112 -- Bruce was ALWAYS on the money shows or in the trade press chatting himself up and taking a victory lap. When shareholders called him on it, especially since AUM were ballooning. Bruce's retort was that all of this made for an extremely eff…
What shim my faith in FAIRX more than his portfolio moves was: (a) the number of really odd personnel issues he has had over the past 10 years, his judgement in this regard has been spotty if not poor at times; (b) his traveling road show schtick at…
How about examining fund stewardship by plotting growth of AUM vs. actual expense ratios paid by investors ? Looking at the latest annual report for MFLDX, this would clearly reveal poor fund stewardship by the manager and the fund board of directo…
Wow. Good on TROW. Wife is in it, she'll be pleased.
Of course, you have to wonder what "subject to certain exceptions" means. Basically, anyone who opens a TROW brokerage account can buy as much PRWCX as they want?
Another Tweedy, Browne product:
http://quotes.morningstar.com/fund/tbgvx/f?pgid=hetopquote&t=TBGVX
I think I'd call TBGVX more of an international fund than global. It's American holdings are quite limited. FMIJX would be similar. But TBHDX,…
cman, great comments.
For the record, I don't think Knowledge@Wharton is a peer-reviewed article as much as it is one of these new varieties of pseudo-academic "Popular Psychology" journals that keep popping up from time to time.
@ Shostakovich: Over analysis is paralysis, there a hundreds of excellent balanced funds, buy one.
Regards,
Ted
Ted, I certainly don't need you muddying the waters here with logic, thank you very much. :-)
David -- thanks; will have a look (am already in FPA).
The issue I think I would have in going with the ETFs you note (as I understand them) is that they do not reflect any value considerations with respect to the proportion of the portfolio alloca…
Seems kind of strange that his 1Q2014 fact sheet compares his fund graphically to the S&P500. I know that he also makes the comparison to the MSCI World Index in a tabular format, but given that the graph is much more accessible to most people,…
"Family risk" depends on the family.
Structurally, each fund in a family is independent with a custodian. So, neither the family ownership nor a fund manager can harm across the family directly...
The biggest "family risk" is sudden outflow of mo…
"Family risk" depends on the family.
Structurally, each fund in a family is independent with a custodian. So, neither the family ownership nor a fund manager can harm across the family directly. I consider a single fund risk to limit my investment …
