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.
I am surprised he didn't also say - avoid supporting the lavish lifestyle of your RIA by paying an AUM based fee, find one who will charge a service based fee based on your service needs. I wonder why. :-)
Bond market action seems to be expecting a period of stagflation. Hope it is wrong because no asset class including cash would work well in such a period. Gold and TIPs have already priced in significant inflation to be a good hedge.
In theory, yes. Retail investors can do a lot of things that big funds cannot - be nimble, for example. I have been doing this in my play money portfolio so the following is from hands-on experience and consequent scar marks than any science or theo…
Another good day to test your overall global diversification. :-)
Well diversified portfolios would likely be flat +/-0.15% today given how mixed tbe day was over all asset classes.
I agree with @OOBY to give it some time and see what happens. A red flag is that the co-managers have started some 8-9 different funds at the same time, co-managing all of them.
It just looks like ONE of @old_skeet's many sleeves and a living examp…
Interesting idea but not sure it is worth it.
What is the extra ER you would pay relative to this fund if you put together your own portfolio of a retail equivalent of the same funds. If such a fund is not available, what is the upside difference i…
@hank, as long as we are overthinking these headlines what if the subject of going bust is the rally rather than the bond? :-)
I get that you are fearful of the current levels and valuations and like most people have an aversion to loss influencing…
I am thankful for David doing these calls and getting access to these fund managers.
But I still see the same problem in the summary of this call. Why is RGHVX fund being compared to LCV when it is index hugging MCV in portfolio returns via its com…
This is actually a very good thread to illustrate the problems with discourse.
It is like talking to a street fighter who goes into a boxing ring, tries to hit below the belt and when it is pointed out, keeps saying but you are all just hitting.
…
It is quite amusing but also sad to see the results of not having a common framework just like language for two people to propose ideas, thoughts, opinions and inferences and discuss or debate them. It is like not using a common language to speak in…
Here's link to David's latest update on RGHVX:
Informative description on the strategy. Goes to show that the M* L/S category is way too broad covering a wide variety of strategies and investment styles and so the average for that entire category i…
RGHVX
Don't know anything about this fund other than the current snapshot I can see on M*.
From performance, it seems to work like a competent low volatility mid cap value fund - what XMLV should be but isn't. That seems to be consistent with the…
@JohnChisum, what is the rationale for owning a fund like ACDJX over an SP500 index or a large value index? Not trying to make any indexology points, just trying to see what I might have missed in this particular fund. Any positive alpha generated b…
cman, do you have thoughts (similar or different) on WGHVX, which seems to have secret sauce?
Not familiar with that fund nor can I find it described anywhere. Is the fund symbol typed correctly?
Now who am I to object to a good anti-clerical rant like this (or is it an anti-religious rant in general which you try to weasel out of by way of the occasional disingenuous qualification)?
Obviously, someone whose use of logic is limited to as…
It is a bit odd to judge a L/S fund by returns over less than a market cycle let alone less than 3 years in a relatively straight up bull market. Better to understand the portfolio and strategy instead if you want to take a chance on new funds. Make…
Looking at the behavior of this fund over the last 3 years, they don't seem to be good at it.
Don't know much about this fund regarding strategy but they don't seem to take big macro or fundamentals based bets on the short side. They have no short…
Same old indexology propaganda with flawed metrics. Amusing in this case that the article itself points out the criticisms of the metric as if the "fairness" by doing so gives it validity to make the usual indexology argument. The metric including t…
A lot of money? Sure. But $3B is the new $50M in tech valuations. No one will take you seriously below that if you already have consumer penetration. I think they paid less than what they may have had to if Dr Dre was smarter or had better advisors.…
Difficult to say without knowing the dynamics of decision making at PIMCO in the last few years. It is clear that there was a change in the investment decision process. Whether the mis-steps were due to Bill Gross himself and his centralized style o…
This is where a little bit of understanding of technicals would be useful. You can get a better perspective of the big picture than hoping every wiggle means something. There is also a lot of technical trading going on that makes these a self-fulfil…
If they could fit their technology in a baseball cap, they would. Or shoes if shock and vibration wasn't a problem. Eventually, it will have to get down to that level for wearables to take off in the mainstream. Embedding it in anything people are a…
Yes, you can stop reading tea leaves and hold a diversified portfolio covering all of those asset classes and not worry about it. :-)
Or become an educated momentum technical trader which also works in an environment like this. This is not about pr…
Seriously, it isn't an audio or streaming technology or brand acquisition. It is a wearable real estate acquisition.
Google has limited success convincing people to wear its glass, or Samsung its watch. Dre headphones already have a substantial pen…
Audiophiles world over let out a collective groan.
First, the musicians had to change their music to reduce the dynamic range to sound good for poorly compressed MP3s playing in ear buds. Now, they have to change it again to sound good for the equa…
@hank, what you are saying is absolutely correct and the rationale as to why $80B flowed into the floating rate category.
But there is a problem that has to do with the bond market. Bonds (at least at the volumes that funds deal with) don't trade l…
I have posted this earlier
Blast from the past 1999: lest we forget
She has always known on which side the bread is buttered. But over time she has become much better at putting small print for plausible deniability while the headlines spin so she …
365 brand is designed to make WF a one stop destination for groceries and is low margin. The last recession seems to have changed consumer behavior in the upper middle and upwardly mobile class that frequent WF. It is becoming much more common for p…
With the recent spate of articles, it seems like money managers in other bond categories are sensing blood and descending like sharks to get at that $80B up for geabs in the floating rate category.
In many areas, Sprouts Farmers Market has been taking away customers from Whole Foods as a cheaper alternative. They provide a WF like atmosphere without the high prices of WF and the grunginess of Walmart or Target even if the latter sell organic. …
@cman My main concern with your suggestion is I feel like it would lead to acquiring a greater number of funds and hence more complexity.
That is a fair comment in terms of number. There is always a tension between number of funds and diversificati…
@crash, that would be like selling low and buying high on the two funds :-) Though that may be necessary.
I would wait a bit on getting into MAFSX and keep money from MJFOX in cash. As to selling MJFOX, watch the Yen for the rest of week. If it see…
Added 2x inverse world crude SCO in play money portfolio. But continue to be long in energy equities via IYE there which so far has done very well and continues to be strong. The play money portfolio has now become net short with the earlier buys in…
@jlev, I don't think there is a fundamental problem with the portfolio but I do think you are setting up yourself for a lot of fund churning and dabbling.
For example,
My first sleeve is designed to anchor half of my portfolio in a "benchmark bas…
