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I looked into the process & holdings once a while back, and found everything I wanted to know in the fund literature, so I'd suggest starting there. Don't recall many details now - but I do remember one of the tenets was to tread lightly if at a…
Agree with Lewis ... the line of reasoning in the article (from Ted's copy & paste) appears to confuse having a marketplace/exchange for finance and capital formation in general vs. the bizarre and corrupted form of a marketplace that exists tod…
The note at the bottom of the article says he's included the times the S&P 5c has dropped 19% -- slightly extending the usual definition of -20%. (It didn't seem quite as bearish at the time, compared to the ~ 50% losses in the previous two.)
Go, ZAGS!
I just wish the Ducks had made it an All-Northwest final. They sure had their chances.
Looks like this might be Mark Few's best team; they're loaded, amazing depth.
I dunno why anyone would pay to get into a front-loaded fund, particularly a bond fund... (???)
Hi Crash, an advantage of investing through a brokerage is getting ostensibly load funds without the load - load waived A shares are very often available…
@LLJB: Good points. As much as I'd like to think her funds are going to be go-just-about-anywhere winners right out of the gate, I'm not sure they won't turn out to be pretty limited in scope (geography, sector, market cap, etc.) because of the incr…
Good idea to move the thread.
My only add about APPLX is that the asset class breakdown apparently hasn't changed much in the past few years at least, so I wouldn't think of it as a go-anywhere fund with much flexibility. I'd think of it more like…
To explain, I owned APPLX for a year or two in its early days when it was mainly an all-cap U.S. value fund, liked it a lot, and thought it might be a keeper then (thus the "still" in the earlier post), but imho, it really fell apart when they added…
If EM volatility's an issue, there's always EM debt rather than equity.
Also, for those who own a chunk of Pimco multisectors, it's good to be aware that a slug of their assets are in Latin American and other EM debt, and have been for some time. …
I bet you know this, Catch, but the burp of info from the administration is not a proposed budget, much less a pending budget. It covered something like a third of spending and said nada about revenues. Imho, it's best thought of at this point as a …
Nancy Lazar has a fine pedigree coming from Cornerstone, but this is a WT interview from Oct 3, 2014.
WT on PBS this week is a repeat of Hyman & McLennan, part 2, about the global economy and investment; it's spring begathon at PBS.
The muslim funds of Amara have a good record so het. you nevr know
True dat - see AMAGX and AMANX. The Islamic principles that differentiate 'em for the most part are restrictions on lending/borrowing, high debt loads, speculation (as they define it…
Besides, I want Parnassus to buy small cap stocks for me assuming they are capable. That's what I meant by waiting for them to start one. I don't see one in their line up right now.
I wouldn't hold my breath. Dodson used to run a small cap fund, PA…
Nothing now, but it'll be PARWX on a correction.
I owned PRBLX for years, but sold the last batch about 2y ago. As a fund that's always tried to dip well down into mid and small, the big runup in AUM (over $15B now) has likely been a headwind. It …
@VintageFreak, I had the same experience, & because of it, got in the habit of checking every transaction, no matter how tiny, to make sure they weren't making any big mistakes.
No longer with V, but at Fidelity I still check, and have never o…
2% growth will be good:
https://krugman.blogs.nytimes.com/2017/02/18/trumps-rosy-scenario
ECRI comes to roughly the same conclusion for structural/longer term growth, via the simple metric of labor-force growth + productivity growth.
Funds I still hold at the moment:
Highest - MINDX 8.9%, MAVRX 6.3%, PGRNX 6.0%, PKO 5.2%.
Lowest - QMNNX 0.5%, PTIAX 1.0%, DBL 1.1%, PIMIX 1.3%.
I'm hearing bells too, Ben - been clicking the sell button a bit this week.
Mike, your point taken too; thanks. The 3y down-capture, per M*, is just two ticks above the S&P.
The thing about it that's been most surprising to me is how persistent the sector allocations have been. The vast majority of the time since incep…
Quick note about treating it as a balanced fund: it has a higher 3y standard deviation than the S&P 500 (11.64 vs. 10.46), which doesn't really fit the profile of a balanced fund. (Look under "Volatility Measures" partway down the page.)
FWIW, until trading proves otherwise, for portfolio purposes I'm comfortable with the idea that fixed income is working itself toward a new trading range, with the recent rate highs as ~ the expected range highs and the very recent lows as ~ the exp…
With Scott Pruitt at the helm of EPA, it's going to be hard to sell the idea that climate change is important and that we need to do something about it now.
Fortunately, it's already been "sold" to a number of significant states (including CA, the w…
On the topic, I'd recommend the Hyman-McLennan interview about international markets/economies that's current on WealthTrack.
Mc made the point that foreign equities (he was mainly talking developed, as I understood it) look cheaper than the U.S., …
At Fidelity, neither is load-waived for the A shares; for $100k, you can buy the I shares for a transaction fee and no load. So, under the current offering setup, these funds don't appear to be attractive for retail investors, at Fidelity at least.
Definitely worth the time: a macro view from Hyman, a cautious investment approach from McLennan. This week's interview is about the U.S.; next week's show is about their views of the global economy and global investment.
While these latest posts are very important, I don't want the original point of my post relevant to the two share classes of these AQR funds to be lost: for a potential investor in these funds, the tradeoff between the share classes is a transaction…
Thanks, Kevin, I forgot about M*'s weirdness on ERs of some funds. For QLEIX, the M* expense page shows the ER as 1.35% from the 5/1 prospectus; comparing that to the actual figures in the 5/1 prospectus, it looks like M* left out the expense catego…
Two share classes: QLEIX = TF + 1.27 ER; QLENX = NTF + 1.53 ER. Like Tony & msf said, they're available for reasonable minimums in IRAs at Fidelity -- that goes for both share classes, plus the similar but more short-biased Market Neutral, QMNIX…
msf: "Basically you're looking at bond funds whose portfolios land them in the lower left corner of the style box (short term, junk)?"
Not exactly - MS and HY funds aren't necessarily short duration. Short junk like the two funds I mentioned is con…
Some other taxable fixed-income mutual fund categories, not well represented in the AGG, with significantly different results per M* category return pages: multisector +7.6%, bank loan +9.2%, high yield +13.3%, emerging mkts +10.0%.
Short duration…
Well, if the brokerage setup is like it usually is, the inst. shares will have a lower E.R. but charge a transaction fee, and inv. shares will be NTF with a higher E.R. Many people seem to dislike paying a TF up front for inst. shares of funds (even…
The main thing that's missing with that kind of analysis is that it leads to investing only in assets at the extreme ends of the risk spectrum, when it's more diversified and can provide a better return: risk ratio overall, depending on how you do i…
