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You should see DC. A lot of low-calorie rubbish going up. Row houses meant to support a single family being carved up into cheap, 6-unit buildings. Dingy units with bars on windows, warped floors,
I'm thinking of Ken Heebner here, when after his great year, he want Hedgie and started a side gig; before folding that side gig into CGMFX (I think it was).
I read the first three sentences. Vintage Gross. Rambling, self-centered. Reminding me of yet another reason I don't care for the guy. Honestly, Bill: just put your sunglasses back on and go about burning out another investment team and shut up …
I am a longer-term owner of OAKEX (as well as OAKBX). I bought OAKEX at a time when it was one of the few international small cap funds still opened. It has consistently underwhelmed. I do believe OAKIX has done much better relative to its peer g…
Maurice: I find the Brexit thing highly interesting from a macro-sociological perspective. Indeed, we have been cursed to live in interesting times.
I do think there will be opportunities in international stocks. What was the figure I heard on B…
BobC, slight hijack -- any more thoughts on OSTFX? Seems to have struggled of late as well. Function of John's changing role, or holding cash and being out of sync with markets for a couple of years? Most of the Osterweis funds seem to have lagge…
@Crash: totally agree. And, FTR, Warren owns a modest home in Omaha; but also owns other properties. That said, I have heard it said that he has never bought a new car. Go figure.
Dig a bit deeper on Royce -- look at how many of their funds have significant stakes in international stocks (say, above 5-7% or so). Some have topped 25% or more. Look at how many of them regularly hold mid-caps (hence the reason Royce refers to …
Awesome ! They'll probably list him as lead or co-manager on 5 new funds. Now, when I say "5 new funds", do I mean 5 brand-new copy-cat funds Royce will roll out this summer, or do I mean 5 funds for which Chuck wasn't previously listed as a portf…
Another vote for the Vanugard paper; its very accessible and well done.
FYI, do a trend analysis on international stocks versus international bonds. I did not look at a super-long time series, but my quick look suggested some good play-off betwe…
OAKBX's great returns -- a drop off after Ed left?
I have held OAKBX fund for 10+ years, even after Ed's departure because of my respect for the firm.
At the same time, it's worth noting, their international small cap fund (OAKEX, which I also h…
Yeah, I'm not quite certain what's going on here either. To me the issue went beyond AUM (I knew they had hired new staff), but to the Royce-esque biat and switch and skullduggery with benchmarks interpretation of performance and etc.
Ed S seems t…
The disgust with FPA is growing. Ed Studzinski has taken some jabs at them; now David pulls the gloves.
Thanks for putting this out in the open, David. As an FPACX shareholder, I too am disgusted. I thought FPA was one of the last true fiducia…
@Old_Skeet: made the mistake of buying, but not selling. I got 3 good years out of CGMFX. Lifetime yield on that investment has been -7%. Was actually up about 4% before the bear reared its head, convincing myself that Heebner's massive short on…
@David_Snowball: ridiculous. I guess this is what they mean by "investor's first" (vs. "clients first").
Romick going into CYA mode gives me serious pause about FPA (wife and I both invest with them).
@expatsp: agree. The 2008 downturn was so severe, that many of the conservative, deep value stalwarts took a major hit. Since GMO recognized that a 3-sigma was on the horizon, they should have been *especially* prone to go ultra-defensive. But i…
@expatsp: you're still ignoring volatility. You do yourself a potentially great disservice if you simply consider mean annualized returns. This is especially important for firm such as GMO, whose strategy and value-add is (ostensibly) that they s…
@MJG: your points on n-factor models are well taken. It would be interesting to compare fit statistics and information criteria for each of the models for each of the funds to better determine if funds' all have the same underlying factor structur…
I see your "time in market" argument as reinforcing my point. A lower volatility fund may reduce investor anxiety and increase time in market.
So, either way one slices it, I really think volatility / standard deviation is an important missing pie…
This is all well and good...I suppose. But he needs to taken into account the volatility (standard deviation) in performance, not just the mean. It's not hard to outperform on a total value basis if your mean comes in lower than the benchmark if y…
@BobC: any insights into the underperformance on OSTFX? Seems to have lagged for some time.
Also, a bit disappointing that they've had the turnover on the equity team.
