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.
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Charles
Thank you sma3! We are spending this summer in northwest again. I have no quiet place I can be before noon eastern (9 am here). Library opens at 9am! I've set up a session for Friday, 2 pm eastern ... posted on board. But, if that does not work, just call me at 805 468 9599 ... if I can pick up I will. Hopefully, can pick a day where you can attended from noon on. Very happy to do! c
Every time I start feeling a little more hopeful, I get dosed with a healthy degree of pessimism. Even from David. He built me up in his latest commentary about the benefits of optimism, like Colin Powell would do, only to close with predictions fro…
@msf. "A problem with putting too much faith in volatility figures over a generally quiescent period is that one is blinded to latent risks." Hear, hear. And yes, DODIX recovered. Think the Fed helped all IG bonds recover pretty quickly. But right b…
@TheShadow. Thank you, really helpful. Good insight into pricing mechanism. Yay, hope this is not widespread. Think bond pricing is going to get a lot of scrutiny coming out of this mess. c
@carew388. You're in good company.
@NormPeterson. I found the sub-adviser for IOFIX, the folks at Garrison Point, to be of high character. I was never crazy about the AlphaCentric adviser, but the GP folks said they were left alone. I suspect that'…
By March of 2009, Miller's flagship had drawn down about 80 percent. He only drew down half that 11 years later. How does he get the new capital to take advantage?
Oh, but this, gotta love: He cited economist John Maynard Keynes who once said it wa…
I had a neighbor once tell me that stocks had to go up because everybody's retirement depends on it. I've started to wonder if that is a goal of all these emergency actions taken by the Fed and Congress. They're not backstopping stocks yet, but indi…
@MikeW. Literally, just looking around by Fund Family. Also, David's posts re: RiverPark. Just wanted to mention a couple examples. I'm sure there's a lot more. It did strike me that PIMCO's Total Return, once top dog, outperformed DoubleLine's Tota…
It was a bad month. The pandemic's economic impact is reminiscent of the financial crisis, only transpiring much faster. The world was unprepared. Hearing about "CV-19" at first seemed remote and contained, like the term "sub-prime mortgages." Then…
At first, I thought the hit would be more like 1987 or 9/11. Rapid, event-driven shock. But then, given its unprecedented and widespread nature, I believed this would be as bad as the Great Recession if not worse. That's the way I thought most folks…
On regulation, there just seems too much dispersion on how things are priced. In the post-modem, if not regulation or in addition to it, a better mechanism to buy and sell bonds, more like equities.
https://www.cnbc.com/2020/04/02/godfather-of-etf…
Indexes are one thing. Ditto large, passive ETFs. Transparent. US Treasuries.
I read a Dave Nadig interview recently about bond pricing. He likens it to Zillow. Especially precarious with lightly traded assets in an open-ended vehicle that must sel…
The Russell 2000 much more indicative of the breath of hemorrhage than the SPY. Former now down from February peak 37% vs 27% for latter, intra-day 1 April. SPY heavy info/tech ... companies expected to fare better with CV-19 crisis.
