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rjb112
Well thanks for all your great instruction and telling me about it.
@MJG, thanks for posting that. Quite helpful.
Nice to see that data.
Off topic, but would very much appreciate you posting your thoughts on the bond market and fixed income investing. Hopefully with some of the nice attachments/references that yo…
Ritholtz is no different than any of the other financial advisors looking to market their name and business to increase assets under management (AUM). AUM is the name of the game.
I'm hoping he is different, but you may be right.
I tend to read him …
FAIRX up .72% today, as a result of what Charles posted above, as well as AIG was only down a little and BAC moderately so. Very nice performance for FAIRX on an awful day in the market.
"Here we are, 10-plus months into the year, and we have nothing to show for it. "
I count 9 ½ months. I guess if we are trying to be accurate at least get the calendar right.
As for the corrections, maybe so but a reference would be nice.
I agr…
I listened to the whole thing. Sounds like a nice guy. But, like many stock market 'talkers' he leaves a lot to the listeners interpretation and leaves himself 'outs'.
Basically, he said the stock market valuation is high, not as high as 2000, an…
What's the reason for significantly increased distributions from stock mutual funds over last year?
In 2013, the market was up 32.4%, so naturally actively managed stock mutual funds had tons of realized capital gains from selling appreciated winnin…
I found this interesting.
"Since 1928, markets have averaged about three 5 percent corrections each calendar year"
Were most MFOers aware of this? (I wasn't)
In the interview, he has a lot to say about risk. And decreasing the percentage that investors have in equities, especially investors who do not need to take the amount of equity risk that they are taking. The "Larry Portfolio" is one with much le…
@davidmoran: Here are the returns for the three funds mentioned in the article and FTBFX.
Regards,
Ted
http://www.marketwatch.com/tools/mutual-fund/compare?Tickers=VBMFX+TGMNX+LSBRX+FTBFX&Compare=Returns
@Ted: Nice Fund Compare tool. I've just…
The article's author failed to point out that Pin Oak Equity (POGSX) drew down 88% in 2002.
Amazing drawdown. Worse than the great depression. Looking at the bio of the manager at the time, it says he has more than 40 years of investment experien…
Interestingly, I just went back through this thread and the early discussion regarding the stock portion. Gaffney has increased equities in the portfolio at a time when the markets started to turn south. Of course she couldn't have known this would …
These ETMFs sound like a natural progression in the products coming out.
Also, Vanguard has a patent or a trademark on ETFs that are simply another share class of an index mutual fund. No one else can do that, due to the patent or trademark. But …
Looks like your fund is doing a good job in not abusing its mandate, not abusing the name "Core Plus". I agree, there's going to be a wide interpretation of the term Core Plus. Personally I prefer that the term be used to primarily designate a cor…
These ETMFs sound like a natural progression in the products coming out.
I think so too John. I'm looking forward to them as a welcome advance.
Personally, I'd like to see actively managed ETFs expand in a big way. Right now, if you have an accou…
By the way, Kathleen Gaffney's firm is going to launch IIRC 18 "ETMFs", exchange traded mutual funds. I believe these will be active mutual funds, traded on an exchange....really just active ETFs. We will probably have an active ETF managed by Kat…
"Like high yield debt, Core Plus products are positively correlated with equities"
"Because of the intentionally similar name, Core Plus may have some people convinced that they can add a bit of risk and still get the protection they expect from cor…
@Mike_E, that is good info on the 11.32% convertibles, 6.1% preferred stocks.
So really 25.53% stocks as you mentioned above. How is one supposed to fit this into their asset allocation? Eaton Vance is a load firm. Wonder what advice they are giv…
I think a lot of these funds have that option to go into equities. I guess that high of a percentage took me by surprise. I don't know if they have limits. M* didn't list the stocks individually so it is hard to see what direction she is going in.
…
According to M*, EVBAX has 19.4% in stocks and 21% in "other". Unconstrained for this fund means outside the bond universe.
John, this info adds to our recent discussions of unconstrained/multisector bond funds. They can cut both ways. Not used …
EVBAX is down nearly 3% more than it's (Lipper) category average in the last month (challenging market environment). I realize that one month is a very short period of time and will hold. Any thoughts?
Thanks for pointing this out. Had no idea.…
On another note, David's commentary on PIMCO was incredibly funny. Especially how he presented the fact that they made a big announcement about the fund Bill Gross was taking over.......and that fund did not exist! Also the photo of Gross......the…
I was just over at the Pimco site earlier this evening. There are so many funds there that could be pruned out of their stable of funds. Too much money I guess
Yeah, way too many funds. I was looking at David's October commentary. Gross was resp…
I would be cautious about owning core bond funds when we are in a period of rising interest rates. Flat-to-lower rates are ideal for core bonds, but when times are less sure, hiring experienced, unconstrained bond managers seems to make sense.
I h…
@Tampabay: So you subscribe to the all in one basket theory ? Their a great low cost fund firm, but in my opinion never put all of your eggs in one basket.
Regards,
Ted
This would make a good topic on MFO.
How many brokerages should one have accou…
Thanks Old_Skeet. I've been using that WSJ one ever since I learned of it from you quite some time ago.
By the way, the 14.93 P/E on the Dow 30 looks attractive from a P/E perspective.
@bee, I agree, the gov't could have done much better here. To just come along in 2012 and say, "all profits now go to the government", of course is going to infuriate shareholders. They should have worked out a win win situation. I don't know all…
You can measure the valuations at bear market lows by a variety of stats; p/e is common, but Leuthold tracks four others. For p/e, bear market lows tend to be at the 25th percentile of their historic means; that is, the market returns to fair value…
Yes, interesting interview.
The Fed just said it expects the Fed Funds rate to be 3.75% by the end of 2017. Gross has a strong opinion about what would result:
"The Fed has said that the appropriate interest rate long-term to keep the economy in …
Curiously, a fair number of folks tweet us (tweet about us?) each month. Chip follows such things and reports that a half dozen folks whose names you'd recognize might tweet us and rather more than that retweet them.
For what interest it holds,
D…
I had not heard of Fairholme before I came here but it sounds like the fund slowly condensed like cooking on the stove. A lot of shareholders may not have realized what was happening until it was too late.
I think you are exactly correct. People i…
Until I sold FAIRX a couple of days ago I had owned it for over 10 years. Over the years BB drifted from being a deep value focused manager to a swing for the fences style.
I'm sure many FAIRX shareholders sold this week. The below was posted on …
Here's an opposing view, in latest Cook & Bynum letter:
VENTURE CAPITAL SPECULATING
As of 2Q, COBYX is holding 37% cash.
As of 10/2, it's 5.25% for YTD.
If you have not visited their website in a while, it gets better and better...
http://w…
@bee, no doubt. "This fund has had many more great years as this 10 year performance chart shows."
By the way, the 2.55% YTD from 9/30/14 is now -8% as of yesterday, but up 1.77% today with good performance by Freddie and Fannie.
And possibly the…
