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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 @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…
Reply to @msf: Ha! I suspect we will never find the expression "goodness of heart" applied to the fund industry. By "disingenuous" I think you're pointing out that there is nothing free about No Transaction Fee transactions. NTFs are an industry fal…
Reply to @Mark: Looks like you read right! I would have thought markets would not like the uncertainty. But company earnings guidance sounds higher lately and at end of the day is probably all that really counts. Perhaps some "bargain hunting" given…
1. Capture image from screen with Jing
2. Upload to Screencast account
3. Sign into Screencast account (http://www.screencast.com/users/username)
4. Click on uploaded image
5. Click on Show Details
6. Click on Share tab
7. Copy and paste the content…
Ha! You guys are great.
I too have always been impressed when people are able to distill important lessons down to just a few wise words, like Mr. Dalio does here. Most really accomplished people I know can do just that. If only I was one of them! …
Hi Ted. Free. I've come close to hitting the bandwidth limit a couple months, but have yet to exceed it. I've found it to be a great little service/utility. Must thank bee for originally putting me onto it.
Reply to @Ted: Ha! From Mark's April post...What A Trillion Dollars Looks Like:
These are pallets are of $100 bills...and each pallet holds $100M. So, Mr. Dalio has the equivalent of some 130 such pallets.
Thou shall not covet...Thou shall not…
I agree with Mr. Ritholz about Mr. Stack.
Also, I enjoyed this clip by Mr. Dalio:
http://www.ritholtz.com/blog/2013/09/dalio-how-the-economic-machine-works/
Here, on YouTube:
And, here, the paper the animated clip is based:
http://bwater.com/…
Whitebox Long Short is actually market neutral...M* and WB are in agreement. See David's recent profile. So, ignore name.
Whitebox Tactical Opportunities is actually long/short...M* and WB are in agreement (after Whitebox management appealed to M* …
Reply to @Art: Hi Art. Same at Schwab. And WBMIX has a $100K minimum at Schwab versus $5M at Whitebox proper. The loaded A class is not available.
Both A and I impose a 0.25% 12b-1.
I do not know how much the NTF is costing Whitebox. Nothing unrea…
Reply to @scott: Thanks Scott!
BTW, I'm actually thinking WBMIX is a strong "one-fund-for-a-lifetime" candidate, at least for moderate investors. I do not support their loaded share class (indefensible) or their 12b-1 fees. Whitebox will argue that…
We just vacationed there. Flew into EYW. Taxi to Casa Marina Resort. Lanai suite by pool. Try to do every year.
Here are views from room, bar, and of pool:
Normally, we just hang at resort. Lunch at pool bar. Sunset dinner on beach. He…
Hi Scott.
Glad you have re-engaged with this thread.
Like you probably, I was disappointed with Fed's decision yesterday. First time in a while I started to think maybe things getting a little out of hand. Fed had chance to start normalizing but d…
Reply to @msf: Nice msf. Absolutely, 12b-1 is included in ER. Fortunately for us. Good to make the distinction.
I stand corrected, looks like, on M* not incorporating loads into its ratings. I'm not sure where I got impression they did not, but tha…
Reply to @skipper: Hi Skipper. Yes, I believe fees (ER, 12b-1) are included in M* performance results and ratings, but not front loads. The new MFO ratings include fees and any front loads.
The market is relaxed, at least “until Bernanke opens his mouth tomorrow and after then we’ll be uncomfortable again,” said Paul Nolte, managing director at Dearborn Partners.=)
Reply to @VintageFreak: Ha! If Mr. Dodson is ever lucky enough to score an Avis like 2009 trade, BRTNX would be inundated. But that's just not happened with OSFDX.
If you get any response from Mr. Wang, please share with the board. Thanks Vintage.
David has previously discussed the nonsensical nature of this fund's strategy/methodology and the reclusiveness of its PM, Mr. Wang.
I too have never been able to follow Mr. Wang's explanations of why he buys or sells equities, unlike say the case …
Reply to @Ted: Here's follow-up article from Value Investor on SA:
http://seekingalpha.com/article/1697132-allegheny-technologies-solid-sale-price-of-tungsten-reduces-leverage-buys-time?source=email_rt_article_readmore&app=1
I think the compan…
