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.
Vert -- agree. I should have mentioned that. FPA, IVA, and FEagle have all been quite dubious of the grand experiment now underway. I should have called greater attention to the fact that in spite of their persistent reservations, the cash positi…
There are a handful of managers I guess I would trust to act as true fiduciaries. The managers of the above-named funds are probably as good as one might find in that regard, with some quibbles.
FPACX's AUM is growing (but so is its analytic staf…
Hi Guys,
Every so often, I test my writing style by visiting the “Fog Index” website to measure its complexity. I just now did so for my post that cman challenged in detail. The Gunning Fog Index awarded my posting a 12.15 score. That’s equivalen…
I was trying to be too fancy, maybe. I was attempting to point out the difference between consumption and consumerism, which is endemic. The sheeple, generally, are pretty stupid about this, as you said.
"Part of the problem, some economists say, i…
Excessive Funditis is a function of: ego, greed. Both are rampant and bad for investors. Royce is my poster child of fund companies that have let such forces run amok.
Few indeed, are the fund companies that act as true fiduciaries (IVA? Tweed…
So I guess my question is -- if interest rates rise, and provided the companies who have issued the bonds don't default or go bankrupt; the money that is lost is opportunity cost and inflation costs; correct (provided I don't have to sell my shares …
Anne Gudefin has managed PATHX since 4/10/10, that news ?
I'm a bit less "company sensitive" than some people on MFO, but I've gotten to the point where I'd say consider staying away from Pimco's stock funds.
...but why? Bill Gross is dynamic and…
I used to like Royce funds for small-value investments 10-15 years ago (late 90s to mid 2000s). Now they are just a mutual fund business that is putting their interest in gathering assets (an collecting fees) ahead of their shareholders' interest of…
There is an art to designing user interfaces, whether it is an icon or a name or an acronym. I think D&C did a very good job here - DODxX, where x stands for the name of the fund. Simple, consistent, easy to remember.
I might have done this…
I think he had a large-ish position in PFE that he sold (thesis, large, deep-pockets pharma to become "Merchants of Venice"), and later admitted he was wrong about. Think he did the same with an aerospace/defense name.
But on financials he has bet…
Another thought, can't shorting be used to create "stubs" -- if I want to invest in company A, which I think is a great business, but company A also has a majority stake of companies X, Y, and Z which I don't think are great bets, can't I buy A, but…
I think VFINX did something similar a while back (margin, options). Without digging deeper into the statement at the moment, I think it could be covering bases rather than a fundamental change in investment strategy. Interesting turn of events if i…
Agree. More than DODBX, but still less than many of the other usual suspects. Regardless, very disappointed in Romick and FPA. I thought they were among the (few) good ones.
Hey, guys, thanks for the great work.
Is it no longer possible to edit posts, or post a reply right below another community-member's contributions?
Thanks again !
Thanks, all.
David -- the names of the Tweedy funds are a bit confusing. TBGVX is actually their international offering. TBVFX ("Tweedy Brown Value") is actually their global offering (was morphed over from a predominantly US-only orientation not…
He could have been a star manager under the "old" Royce. But when Royce sold out to Legg Mason, its all been about AUM. Even the "old" Royce played fast and loose at times -- benchmarking funds with up to 30% international exposure to the same-old…
My wife is in Tweedy, Browne because their investment philosophy is very much aligned with her own. The 38% loss in the recent crash was disappointing, but given magnitude of events, I think its understandable that there was little place to hide. …
Reply to @scott: Scott -- please help me reconcile a couple of things in the above post. You think BB is a brilliant investor, but you think the theses underlying each of his top 3 holdings (which account for over 65% of the portfolio) are bunkus.
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I own two of the series (and bought one for my father). They're good books, and I'm sure you'd have an interesting angle or two. I sincerely encourage you to pursue this project, and wish you the best.
Reply to @BobC: There funds look interesting, but are on the pricey side. IMHO they also display a bit more volatility than others in their peer group. That said, I have long been thinking about investing with them.
Maddening. Very hard to know what to expect except more volatility, it seems. Still we are keeping bond allocations lower than normal and going with shorter-dated and flexible bond funds.
Maddening.
Reply to @fundalarm: Those are both CEFs, which I'd have to hold in a brokerage account. Also, I'm never sure of what to make of the discounts on CEFs.
Actually, LSGBX strikes me as rather risky compared to TEGBX. Seems like it has has very high downside capture relative to the benchmark (which surprised me when I first saw that statistic). Is it meant to be an aggressive fund?
The manager, David Nadel, Royce's newest Whitney George (in that he gets put on a lot of new "gee whiz" funds to garner assets before being flipped to yet another fund) was the manager. Did he have any experience as a long/short manager before taki…
