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.
So, David, question for clarity: the noted averages do not take into account volatility, do they? So I higher average return strategy might have a lower cumulative return. Correct?
I'm expecting massive sell-offs. Since I'm using RPHYX as a near-cash substitute, I want to know if he gets hit with redemption fever, how much actual cash is on hand versus "in 30 days" cash.
Like the suggestion that he's picking up 5% yields on …
Defer for sure; but I was thinking expunge as a way of injecting $ into the system. And, it's not like the banks don't owe the American taxpayer for 2008.
Whether or not people use the saved $ wisely is another matter, but we'd have the same issue…
Seems like a smart idea would have been to declare a 3 month holiday on all rents and mortgages. Takes pressure off small businesses, alleviates anxiety, and probably easier to manage than all this other stuff.
Good to know; I almost called today to check my balance. Yes, there are a lot of good opportunities out there -- issue is whether or not funds can stay liquid longer than people can keep their stuff together.
There are some legit disaster scenario…
This is odious, and should be highly publicized.
In the end, I'm an equal opportunity cynic when it comes to politicians. I really don't think DEMs in their own way are much more pure than REPs; or vice versa.
@LewisBraham -- kids do generally think they're immune and immortal, and Millenial exceptionalism may be a confounding factor here...and COVID19 was initially noted as only really impacting the old. Toxic brew for foolish stuff.
Tweedy's fee is high, but they (like a precious few others -- see Royce & Associates as Exhibit A) are a true fiduciary. if your manager can keep you out of one or two major downturns over the course of an investing lifetime, they're doing a gr…
I like the guys at Tweedy. Sensible, thoughtful, been around the block. My wife has money in their funds (I take a bit more risk, but still like what they stand for).
The only Oakmark fund I never got is OAKEX. Seems to be a perpetual laggard with little to recommend it.
I hold Oakmark (as well as D&C) so that I can readily allocate between funds in market downturns. They have without a doubt hit a rough p…
Wife and I own many D&C funds. They obviously have a value tilt, and tend to stay fully invested. I don't expect a smooth ride from them, but I do expect them to act as true fiduciaries. I like the fact that they don't do marketing and have a…
I can't believe that with the resources Templeton has, and their history of global investing, that this fund will be another FAIRX / CGMFX.
I don't mind a contrarian (value investors generally are) manager, and waiting for one's ships to come in, b…
VintageFreak -- I wouldn't go that far. Royce had some very good funds. Zaino's was great in certain situations, so was Dreifus's. Beyond that however, a lot of copy-catting, flooding the market to see what sticks, misleading and selective benchm…
Thanks, Joe; it's nice to be noticed, and nice to be missed.
Super busy at the day job; barely have time for bit of fun like posting here. Royce is easy fare, however, and a personal cause of mine, because their flim-flam is such easy pickings.
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Grew disenchanted with Chuck & Co some time ago. Wife and I still hold RYSEX, but not for much longer. The copy-catting was always a thing for Royce, but they had a few standouts. It's gotten worse under LM. And, as I've called attention to …
Agree JoJo -- I feel uneasy about this. Hope they're not going the way of Royce, Fairholme, etc. Land grab with the resulting distractions, tapering performance, etc.
Sometimes enough is enough.
@ET91 -- not fair to directly compare Bruce Berkowtize and Miller to Royce, I don't think.
Bruce just began drinking his own bathwater -- made bizarre moves with regard to fund staff and friendships, and wanted to grow that sucker and was on TV all…
I work with a great deal of Millenials in a technical environment. While they are strong and savvy in many ways that I don't think my generation was, my sense is that their spending habits and early career trajectory expectations are unreasonable. …
@hank: yes we are. We really are. It's all part of the hyper-consumerization predicted of late capitalism. Well, and Millenials demand it, at the same time that fund companies need to find ways to keep members of this skeptical, identity-politic…
Hard to know what to say here. I don't find these arguments especially compelling.
I mean, yes, we know AI is here and it's going to take over the world. I don't see AI customization creating 150mm separate portfolios for 150mm separate retail in…
Humility is under-rated, especially in the current generation, it seems.
Bogle was a man of character, and a constant reminder of the Yankee values my parents and grandparents tried to instill in me.
I didn't always agree with him, but always li…
They need to put some more gas into Oakmark International Small Cap first !
Harris, don't tell me you're going the Royce route...I think I'd just about lose all faith in humanity.
I liquidated in the spring.
Truth is, I should have bailed when Bruce started taking in new investors at a prodigious rate, and doing every Bloomberg, etc., interview he could claiming that "it was the most effective way to reach his fellow shareho…
@carew388.... too true. They really chase the AUM, especially since the LM acquisition. Wife and I still both hold RYSEX, but I've already put together an exit plan.
In my experience, micro-cap funds are tricky. I owned Royce's for a while and was underwhelmed. But, I might have a knack for buying at the wrong time... :-)
@MikeM: just like Royce (well, sort-of...Royce was always a fan of rolling out a ton of stuff just to see what stuck).
I almost went into M&N funds, prior to the "transformation".
Stuff like this is all to common (remember Excelsior Funds…
"special equity" means "the price will only go up". Only a special equity fund can make this promise, which makes the funds pretty special in their own right.
Footnote to history, the above specialness is the reason Royce considered renaming RYS…
Act like a pig, get slaughtered.
Andrew Gelman linked to an article by a female statistician / data scientist about the piggish goings-on at academic and professional meetings. As you can imagine, it was revolting.
In the end, I am an equal opp…
Could never understand why Oakmark International Small Cap (OAKEX) was so lackluster in comparison.
Also not sure how much longer Herro will be at this game; but Harris Associates seems to have a pretty deep bench and a sound process.
