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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
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!
Reply to @MikeM: Below is comparison of RiverPark/Gargoyle Hedged Value RGHIX and Whitebox Tactical Opportunties WBMIX. Looks like RGHIX stumbled a bit in 2012, took about a year to recover, but has been doing great ever since. Over the same period,…
Ha! Bretton isn't missing much.
Annualized return is 16.6%. Ulcer Index only 2.8. Sharpe 1.4 and Martin an eye-watering 5.8.
Come on. At the 3 year milestone, its numbers look great.
Sure, no big drop in market 'cept late 2011 (thanks goodness),…
Hey, Bretton has 4 stars from M* in first three years of operation:
And, MFO ratings updated through 3Q2013 puts it in the top risk adjusted group for all Mid-Cap Blend funds, earning it a 3 year Great Owl designation, as expected.
=)
Happy October David!
Very much enjoyed the commentary this month, once again.
Thirty-three percent of the currently fantastic funds were not so distinguished twelve months ago. Suspect that is true of so many "Best Funds" lists! In this case such w…
Reply to @MikeM: Hi again Mike. The Steele/Moringstar fund data through 3Q just dropped, so will have MFO ratings updated shortly and will do comparison you requested through Sept 13. Hope all is well.
Thanks David. Are you getting a sense of whether the industry thinks ETFs are gaining or declining in popularity? In any case, hope you endure the conference...trust some good things will come of it.
Reply to @Ted: TEAMX looks like a sick joke. Its shareholders clueless and exploited. Like those in the scene of old-folks' home in the movie Chinatown.
Reply to @msf: Good stuff msf. I trust we can agree on this: shareholders are indeed paying the published ER, but I think that still means after 12b-1 and the "hidden marketing NTF fees," the portion left over for the Advisor is smaller.
Hey, I li…
Reply to @Mark: Ha! I love it. It's very true: Congress takes 239 days off each year. Can you believe? Here are some related words of wisdom from an old friend: "There are some counter-intuitive things that you must accept."
So, today, the market t…
Reply to @VintageFreak: Nope. The link msf provided states:
...fund supermarkets such as Schwab and Fidelity add to the fee layers because they charge fund companies between 30 and 40 basis points to be included on their no-transaction fee platfor…
