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’m just slow to change. 20 years ago bond funds comprised 30% of my portfolio. Than 10 years ago it went to 25%. This year I cut it to 20%. Oh - I’ll get down to 0 eventually ...
Of course, if you sell those bond funds you need to move the $$ …
Linking some analysis from today. (Published before the price turned and headed south again.)
LINK
Hard to figure out. It’s a rocky investment most of the time and hasn’t done as well as equities over the years. Still, some find it appealing as…
This is the best I can come up with. They stream 24-hours a day and sometimes get into specific stocks, ETFs, market sectors. They also do a lot with options trading & strategies.
“Binge-watch the market”
“Whoa. A lot to unpack there” - Not really. It’s just one of a half-dozen different market takes Barron’s typically presents from a variety of different sources in a small section of the magazine each week. More, I think, to give a flavor of th…
If inflation remain less than the 2% target, what is the value of holding gold as a hedge against inflation?
@Sven - Also noticed the reference to gold in the cited passage. I have no idea what gold might do or whether one should own it. I’ve co…
Thanks @WABC - Both equities and bonds I’d say. (Though my intent in posting was to emphasize the bond implications)
“If inflation, big government, and organized labor come back from the dead, globalization loses ground, regulation expands ... tax…
Not a Noonan fan. Better in print than oratorically however. :)
Re the importance of tourism to the modern NYC economy (2019):
- “Tourists are responsible for 24 percent of all credit card sales at New York City restaurants and drinking places.”
…
@LewisBraham. Appreciate your perspective. It did not escape me that the editors chose to include a 1952 photo in the piece.
A couple thoughts ...
- Businesses have evolved during the pandemic much farther in the direction of “work from home” th…
Just one view ...
By Daily Insight Research - BCA Research (excerpt from Barron’s March 1, 2021 issue)
“We recommend that multi-asset investors underweight bonds, especially Treasuries. We expect that the clamor for bigger government will contri…
- More troops with live amo defending nation’s capital and elected officials against violent attack from domestic-bred terrorists. You attack. We shoot.
- Less time (0 recommended) of CNN “interviewing” on TV spokesmen for groups so disposed.
…
Nasty day. About all that held up reasonably well for me was Price’s alternative fund TMSRX - off a mere .37%.
Good interview in this week’s Barron’s with Felix Zulauf re various forces at work in today’s markets.
I remember reading a newspaper write-up on the Boeing 777 in the spring of 1995 shortly before it entered service. Was revolutionary at the time because until than jumbo (twin aisle) jetliners had always had at least 3 engines, which provided more r…
12% cash???? That might very well account for the lagging performance.
Doubt it. He typically carries a lot of cash. Was up around 30% cash just before the mini-crash last February. And paid off handsomly. But I suspect he’s way over that 12% at th…
Price was experiencing long wait times last week (15-25 minutes). Web-site was fine. Phone message referenced “higher than normal call volume.” Once they picked up however the service was great. I’ll cut them some slack as imagine many are wor…
Thanks @rforno
At the end of of 2020 cash was at 12%. I’m thinking he’s raised that over the past 1-2 months just looking at the lagging performance. However, Lipper still puts it at that modest 12% figure. Reads like an encyclopedia of investi…
I concur with all of the above responses. As far as TRP goes, with 169 funds (last count) it would seem an injustice to classify them as expert in any single area. Agree with you that they’ve had some fine tech funds over the years. PRMTX has been…
Re “Israel is returning to normal life ...”
Suspect that depends on your definition of “normal.” Cross-border travel for Israel and most nations remains severely restricted. My plans to visit Toronto last spring remain in cold storage - despite b…
Article in the FT today partially addresses the issue. Hard to link to it if no subscription. It’s the top one in the attached search query. Try this
Article: Should equity investors worry about rising interest rates? - Michael Mackenzie
Excerp…
Re “Wow” ... Of course, automobiles with “self-parking” have been around for quite a while.
(Nice pict @Old_Joe)
“I recall watching an orbiting satellite in the night sky above Michigan during summer months. But, I don't recall the satellite na…
“Millions of Texans were without electricity, many didn't have running water, and temperatures were frigid. ...”
I can understand getting out of town. But what I don’t get is Why Mexico? With all the past Latino / Mexican bashng from Cruz and …
Re: US lawmakers to quiz key players from Robinhood, Reddit and finance
Nice to know there will be a thorough, unbiased and consequential examination of this carried out by appropriately trained and experienced individuals of the highest intell…
PBS will do a fine job. I’m tuned to the NASA coverage. They’re apparently recording the decent from a satellite they have orbiting. Should make for great viewing in a few days. This one’s also ferrying a small helicopter to the planet (stowed i…
How does TSDLX differ from PRWBX ? TSDLX has 27% foreign vs PRWBX 16% . NTF at Schwab, but tf at Fidelity.
H Carew - I’ll dare to guess here based on recollection.
I believe PRWBX is focused a bit shorter on duration (1-3 years). TSDLX appears…
I listened to that Grantham interview on Bloomberg 2-3 times one day recently. He lays out a convincing case. But there are equally good arguments on both sides.
As far as Grantham’s argument goes he’s focused on three areas: (1) He thinks artifi…
@Old_Joe,
Thank you Sir. I’ve always considered you among the best of the best here. As one may deduce I haven’t looked at the board until yesterday since sometime in December. I appreciate the sincere (but unfounded) concerns expressed by severa…
Correction: The “SD” went over my head. Not something I read or think about. 90% of my holdings don’t change except for rebalancing. I’m simply trying to calculate all the various risk components that factor into decision making where short term d…
Still it is interesting that DODIX is not positioned for rising rates while DODFX appears to be. Different teams but same family.
Yes - I’m surprised to see DODIX out 4.8 years on duration. In terms of volatility, it feels a lot shorter. It’s as i…
DODFX currently holds 27% in financials. That’s very high. In fact it’s significantly higher than the 19% financial stake reported by T.Rowe’s Equity Income Fund (PFRDX). Clearly DODFX is positioned for a rising rate environment. Helps explain its …
In its 30+ year history, dating back to 1989, I can find only 5 years when DODIX failed to generate a positive return. In only 1 of those years did its loss exceed 1% (it lost 2.9% in 1994). As a substitute for a money market fund (vs a clone or re…
@BenWP : What are you referring to : STEAM guy ?
@Derf -
@BenWP can answer that. But I’m wondering if “STEAM” here is a variation of “STEM”? According to BusinessBalls, STEM is an accronym for “Science, Technology, Engineering, Mathematics” - whi…
@Thanks for the additional insights @BenWP
Here’s the various styles used under TMSRX’s 5 management teams as I understand it.
Macro and Absolute Return
Fixed Income Absolute Return
Equity Research Long/Short
Quantitative Equity Long/Short
Vo…
@Old_Joe - Great to hear. To be honest, I started to watch the sequel ( Money Never Sleeps) but quit after 10 minutes. Didn’t like. But, the original (cited above) is a real gem.
I watched “Bad Education” on HBO Max recently. Terrific job by …
I can tell you have a “PHD” @BenWP :)
(PHD = “pile it higher and deeper”)
Kidding aside - It’s a fascinating fund. I’ve held it from the start. But I still haven’t figured out how the 5 different managers keep from shooting one another. TRP tried …
Nothin.
Unsure about travel in 2021. That’s the biggest discretionary expense. So, like 2020, next year might require little drawdown from investments. That argues for staying the course rather than building cash. Somehow wish it were other. (But…
To implement this strategy, the Multi-Strategy Total Return Fund may:
- Invest in the Global Stock Fund
- Short a basket of equity futures
- Use a variety of total return swaps, consisting of both long and short positions, on specific stock…
@msf - You are absolutely correct re duration. I had no idea D&C was running that short a duration on DODLX. (I’ll have to read those fund reports even more closely.) FWIW - Yahoo puts the category average at 7.4 years - more than double what …
