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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
Amazing. I don't know about a deal, but whatever the reason, a welcomed relief to the early morning futures. It was nice seeing materials stocks up, like VALE and AA (again). Nice call Ted. (Make sure you tell me when it's time to sell short!)
Yes, beware. I see it too with the Maximum Drawdown numbers based on the five year window. Typical fund now show about 20% drawdown from fall of 2008 to spring of 2009, but the "real" MaxDD is more like 50% from fall of 2007, which is when the desce…
Reply to @BobC: I agree. DREGX lost a heart-stopping 62% between fall of 2007 and spring of 2009, and only just now recovering...although just about everything was slammed back in 2008. Hate the 1.66% ER on $1.5B AUM. Hard to argue its long term rec…
Reply to @STB65: Hi STB65. You're not confused at all. There are no 20-year Diversity EM Great Owl funds....none even close. The ones evaluated were:
Acadian EMs Instl (AEMGX)
Morgan Stanley Inst EMs I (MGEMX)
Templeton Instl EMs Ser Adv (TEEMX)
Ru…
Outstanding! Overdue. Very happy for Professor Fama and University of Chicago. Glad too to see Professor Shiller recognized here. I'm not yet familiar with Professor Hansen's work. Just great to see the Nobel committee recognize these US professors.…
Reply to @Mindy: Good idea!
Hey, all this reminds me of a new book I've put on my reading list:
It's Even Worse Than It Looks: How the American Constitutional System Collided With the New Politics of Extremism, by Thomas Mann and Norman Ornstein
Reply to @Junkster: What a waste of time it is, every year! "Entropy Rising" should be our name for DC. I know we need to pay attention to it, and I've tried to posture accordingly if that's possible, but I would really rather be focused on earnings…
What a disaster. We should all be more focused on GE and BAC earnings reports this week. Oh, and the Mutual Fund Observer conversation with Zachary Wyndra of Beck, Mack & Oliver on Wednesday!
Reply to @linter: Ha! You sound like Investor. The return rankings are comparable since they are over same evaluation periods, as applicable. They are actually based on Martin not Sortino. The other tabulated numerical metrics (STDEV, Sharpe, etc.),…
Reply to @MikeW: You're welcome. The highlighted funds are MFO Great Owls...received a 5 Return for all evaluation periods applicable, 3 years and longer. So, a 20 year Great Owl is a rare bird indeed, having delivered top quintile risk adjusted ret…
We thought we'd start with quarterly updates, see how it goes. So, just completed the ratings for 7600 or so funds through month ending September, resulting in about 480 Great Owls...or just over 6%.
Ha! At 2% ER on $2B AUM, Mr. Winters will certainly "get rich over time." WGRNX has never delivered the superior returns at reduced volatility that Mr. Winters' track record at Mutual suggested. But, he's still outperformed the indices, which I susp…
Hi Linter. Here's link to Definitions page. Also, if you double-click the table, it should enlarge to full screen. You're absolutely right about the period comparison, so utilize accordingly. The Return Group, however, is directly comparable within …
Hi prinx. If you have not already read the September commentary, David has a good piece on EM funds. Note recommendation for anticipated Grandeur Peak Emerging Markets Opportunities (GPEOX).
Here are latest MFO Ratings for funds mentioned above, pl…
I've always been a bit surprised that MAPTX attracts more AUM than MACSX, a tamer sibling. Here are latest MFO Ratings for Matthews Funds, which shows five Great Owls:
WFC reports record $5.6B in earnings due to "diversity and risk management." The chairman also pleaded case for partisan cooperation in DC to avoid unnecessary default and reopen government. "Balance sheet never been stronger." But stock is down abo…
Reply to @scott: Too much...yeah, Mr. Dimon is certainly enjoying his time in the barrel lately. Agreed on AA. "Patchy" is what I read in one author's assessment on SeekingAlpha. But each quarter it seems to eek-out the slightest improvement. They n…
Hi Catch.
A couple Ben Graham-ism's come to mind...
For investment, the future is essentially something to be guarded against rather than profited from. If the future brings improvement, so much the better...
An investment operation is one which, …
The new norm in an era of constant media? Does seem to be more like a sad reality show everyday.
On the positive side? Hmmm...AA beat this week. GE and BAC up next week. Fingers-crossed, they continue to show improvement.
Here's M*'s fair market v…
Reply to @MikeM: Good picks Mike.
The R-squared value here is against S&P 500 Total Return. In Excel, the equation for these values is:
100*CORREL(Monthly_Ratios_Array_Fund, Monthly_Ratios_Array_SP500)^2
Hi Vintage. I actually listened to the Whitebox Long Short quaterly call. Dr. Cross gave a pretty good explanation of the fund's market neutral strategy, summarized here:
http://www.whiteboxmutualfunds.com/docs/lit/long-short/Commentary_Q2_2013.pdf
Reply to @scott:
What this is saying, in a muddled way in the morning and no Diet Cokes yet, is that you have a Republican party that, much like Microsoft, did not see and adapt to and play to changes going on in the country. Now they're doing the …
I listened in on the AA Earnings Call. Continue to be impressed. I'll venture to say we will not see AA below $8 again. (Ha! A dream I have.)
Hey, you got the Yellen news right!
