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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
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…
Reply to @Old_Joe: Thanks Joe. Good comments, understand.
The Janet Yang M* article pointed out some good characteristics of Capital Research and Management Company. But it never once mentioned the arcane pricing policies, front-loads, and generall…
Reply to @ducrow: I too did not fully appreciate the fund's bond, currency, and commodity exposure, or the amount of leverage...it's pretty high. (QRMIX and QRHIX even higher.)
But unlike you, I've held on, because the strategy and shop still appea…
Reply to @VintageFreak: I first learned how from bee. The secret is an easy-to-use screen capture program called Jing available for free at http://www.techsmith.com/jing.html. Then, sign up for free account at http://www.screencast.com, which is wh…
Just awful.
Really hope M* is not being paid by American Funds to generate this grade. Perhaps another example of how M* has lost touch with everyday investors and the meaning of shareholder friendly.
American Funds is a relentless asset gathering…
Reply to @Investor: I used daily SPY "Adjusted Close" from 1/1/2000 through today. It does include adjustments for dividends and splits. Just double-checked against my monthly database of total returns S&P500 TR. Sorry, sad but true. Less than 5…
Reply to @kevindow: Ha! You're right. Liew, Hurst, and Mendelson do, its actual portfolio managers, but Asness does not...ouch! You gotta love this business.
If AQRIX does not stop falling soon, I am going to scream. Mr. Asness et al down again today. Their 2Q13 commentary still not posted on AQR site.
Here's M* YTD performace plot:
And here's lifetime plot from AQR's own site, which they must find…
Wow! That means, through today, we've all earned a whopping 2.88% compound annualized growth before taxes by investing in US equities for the full 13.5 years starting off this millennium...and we only had to endure two 50% drawdowns =).
A reminder that there is no risk-free way to beat the 90-day T-Bill return.
A punch in the stomach to those that thought otherwise.
A splash of cold water for just about everybody else.
Part of the full-cycle for those that were invested in bonds…
Ha, so did not go so great today =).
I'll employ one of General Powell's rules: It ain't as bad as you think...it will look better in morning.
Especially given strong after hours earnings by QCOM, FB, V.
Still somewhat incredulous on today's outc…
Maybe it's Meredith's fault.
SlowLane posted she wrote a scary OpEd on Detroit's filing:
http://www.mutualfundobserver.com/discussions-3/#/discussion/7084/post-detroit-filing
Reply to @AndyJ: You're telling me. What remains counter-intuitive is that when earnings and housing starts signal improvement (eg., F, NOC, AAPL), while these individual stocks may go up, overall markets decline. I think somebody posted yesterday t…
It's true, municipal bond funds do not get discussed much on the board.
Here's quick look at some of most consistent established top performers...all MFO 20-year Great Owl funds:
Most drew down 8-10% in 1994. Even these top performers have dr…
Mr. Arnott has taken some heat lately on the board, along with other fund managers that have been avoiding US equity markets. But RAFI appears to have legs. Here's link to short summary in David's May commentary, scroll down to "Three Messages from …
Reply to @kevindow: Good stuff Kevin, thank you. Anxious to see how folks at AQR document what went wrong in 2Q13 with their RP strategy and steps they will be taking to improve in future. So far, still only showing 1Q13 commentary.
FDSAX has good numbers, but it comes with 5.75% front load - indefensible in my opinion. Other share classes appear not so easily available. I'd look elsewhere. SCHD is indeed off to decent start. Here's glance at FDSAX along with some other establi…
Reply to @STB65: I added to SIGIX this week, along with FAAFX and AQRIX. Sold BRK and X for more BCS and ORI.
I think a couple undervalued sectors remain...certainly basic materials, energy/infrastructure, global financials, and foreign...especiall…
