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
Reply to @STB65 & Old Joe: Hmm, bummer. It downloads immediately for me.
Note that it is an Office 2007 Excel file with extension type *.xlsx. Suggest you note location it downloads to and then open using Excel. To direct download to specific p…
Reply to @David_Snowball: Yep, I remember that too. But I think he did admit that he was working with some major fund houses to expand availability. I'm presuming he was able to strike a fair and shareholder friendly deal with Vanguard. Certainly ho…
Absolutely great news. Bravo to Mr. Dodson and hats-off to Vanguard.
Here's screenshot:
Still not available at Schwab...but Vanguard availability provides big step in giving folks better opportunity to invest with this top-notch fund manager.
…
Cool. I actually think your influence on me about lack of fund performance persistence is one reason I added the return since inception column. I remember at one point suggesting to M* that it should maintain a historical track record of its Picks/P…
Reply to @msf: Really good put msf. The term distribution in this case (a term I learned from Trader Flack) refers to a down day with higher than normal volume. Sorry for confusion.
The returns are total.
Absolutely, AGG is iShares Core Total U.S.…
You're right, he's in good company.
Although it seems even worse for Mr. Cinnamond. He's now at 60% cash. And he invests only in small caps, which currently have higher valuations than large caps. Finally, the few stocks he does find under-valued (…
Thanks MJG. Very pleased you like the new ratings. And that you like at least most of the new dashboard for MFO profiled funds. Really hoping this "at a glance" summary of all the profiles will help readers better utilize this resource in their due …
Hi Catch. That's good. Moving has similar effect for us. An opportunity to clean house, getting rid of excess stuff we've collected through the years. Although I've gotten in habit of pdf'ing old documents before discarding. We've become a bit more …
Reply to @Investor: Ha! Yes, the lower half graphic for the remaining 21 equity funds (all higher risk) was omitted. And in my review, I did not catch it. Mea culpa. Will get it updated and let folks know. Thanks man. Very much appreciate the good …
Reply to @davidrmoran: Got it. Collectively folks have taken $10B away from Fairholme for that very reason. Fund behavior inconsistent with expectations.
Reply to @davidrmoran: Come on...credit where credit is due. You're certainly right about the volatility, but since inception FAIRX has delivered great absolute (and even risk adjusted long term) returns. He's just posted 2Q2013 shareholder letter, …
Reply to @Soupkitchen: Hi Soupkitchen. Still incorporating the ratings into a searchable database, which should soon be a standard feature on MFO. In meantime, will here's link to pdf version of 1Q13 MFO Ratings and will try to get the updated 2Q13 …
Reply to @ducrow: I too do not like that AQR is partly owned by Affiliated Managers Group and that they seem to be generating new funds quarterly, like VintageFreak points out. Especially irksome that they opened two new RP funds, with different ris…
Hi Ira. Still incorporating the ratings into a searchable database, which should soon be a standard feature on MFO. In meantime, will here's link to pdf version of 1Q13 MFO Ratings and will try to get the updated 2Q13 pdf version posted. More soon.
All good comments. Tough discussion.
I found this 2009 post on Seeking Alpha pretty informative and amusing. It starts off with definition of AIG - Arrogance, Incompetence, and Greed.
http://seekingalpha.com/article/127611-a-handy-glossary-for-tod…
Fair enough.
But would you really wanted to have had another Lehman?
Suspect that letting AIG fail would have been much, much worse than letting Lehman fail...and Lehman was pretty bad.
Reply to @MikeM: Hey, despite my grousing about its high fee for cash (when its strategy has it boxed in), ARIVX has beaten money market and aggregate bonds since inception 1/11. That was a pleasant find when compiling all of David's profiles recent…
Reply to @3yards: I too thought AQR would have exercised its drawdown controls sooner. If I remember, I think ARLSX uses 2-4-6% thresholds. AQRIX may use 5-10%, but I'm just guessing based on what I have seen. They have never published their levels.…
OK, so now some tough extracts:
From Mr. Cinnamond-
Cash levels increased from 57% at the beginning of the quarter to 60% by the end. Cash levels remain high as most high-quality small cap stocks continue to be expensive, in our opinion.Ouch! And s…
Reply to @3yards: Now they don't because AQR has finally adjusted, as the strategy dictates. But trust me, through June they were highly correlated with bonds. Still, no 2Q commentary posted yet...a pet peeve of mine.
I like WBMIX more and more. Not really Long/Short as Scott as pointed out previously, though M* recently categorized it that way. It uses a lot of leeway. And, I like ARLSX.
Shorting is scary stuff, especially naked shorts. I for example think Stap…
Yes, many money managers that have been used to getting it right, have been on sidelines for a few years now. Tough bruise to the ego then to watch the market rise daily. And then there is the usual lashing out at the market's stupidity. Human natur…
Hmmm...it's a hoot!
It's doing pretty well actually. Better than some of our Great Owls this past year. But then, one year is usually easier than three. Fingers-crossed it continues to do well for next couple years.
Here's how it compares so far i…
Reply to @catch22: Hi Catch!
Just referring to David's July commentary, under sub heading "Fidelity cries out: Run away!"
Here are few excerpts:
Fidelity’s signaling the fact that they can no longer afford two Euro-centered funds. Why would that …
Reply to @davidrmoran: Man, can't wait to see reactions to your comment regarding Mr. Romick. Hard to argue with his performance...top-rate risk adjusted returns, all around. I've come to really appreciate him.
Here are the numbers for all the fund…
Reply to @Ted: Ha! You know me too well.
But it would not make the cut given MJG's criteria above, nor does it rate top honors in the MFO system.
Yes, it has the highest absolute return of any established large value fund.
Great shop.
Great stra…
Love it!
These five funds: VWINX, FPACX, MAPOX, VWELX, FLPSX.
That's it.
That's all most people would ever need over a lifetime.
Superior returns.
Moderate drawdowns.
Great strategies.
Generally shareholder friendly shops (mixed feelings abou…
Nice recommendations above, thanks everybody.
I just finished finally "When Genius Failed: The Rise and Fall of Long-Term Capital Management," by Roger Lowenstein. A great read...here's summary from Wiki:
Also recently finished “The Greatest Tr…
