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.
Support MFO
Donate through PayPal
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
Absolutely love the video. Really well done and insightful. I remember once asking a CEO if he really thought he worked a 100 times harder than his average employee (it was a long time ago, now it sounds like the compensation difference is 400 times…
Nice summary Scott, thanks. Spot-on regarding Japan. I thought Mr Gundlach felt same way about US equity market, if reluctantly so...but I see above you think he is short SP500. I kinda got he was not gonna fight the Fed at this moment. That said, h…
Mr Gundlach is impressive.
Yeah, "questions about exit strategy are misplaced...there is no exit...so, it's not relevant to today's investment horizon."
He basically believes there is no bond bubble. Currently, he's pro long-term Treasuries, again…
Reply to @mrc70: I absolutely agree. In this case, I think it is more an issue of the high ER. I hate paying more than 1.0%...ever. But, I make exceptions, particularly if a fund is EM or long-short. I personally know how time consuming it is to sel…
Reply to @andrei: Yes indeed Brother Andrei. Despite the high fees, since inception in Jan 2011 through Feb 2013, ARIVX retains higher risk adjusted returns (Sharpe, Sortino, Martin) than SP500:
Which is why I wanted own it. But I think Investo…
From SeekingAlpha post today entitled: Demographics, Water Scarcity, And How To Invest
General Electric Co.
Investors interested in advanced technology, which helps to solve the world's most complex challenges related to water availability and qua…
Reply to @AndyJ: Thanks Andy! Been meaning to catch one of these. I just registered for tomorrow. Later in the day we also have the MFO teleconference on Cook & Bynum fund.
Markets seem to be handling sequestration pretty well so far.
I did buy some BRK.B and GE today.
MBIA again in news...jumped more than 20% so far...honestly, can't wait until the battle with BAC ends. If it does indeed go MBIA's way, hats will be …
Remainder of fund family list:
Nationwide
Natixis Funds
Needham
Neiman Funds
Neuberger Berman
New Alternatives
New Century Portfolios
New Covenant
NEW Path Capital Advisors
Nicholas
Niemann
Nile Capital Investment Trust
Nomura Partners Funds
North…
Reply to @David_Snowball: Yes indeed.
For the record, here are all 767 families...in two posts (1-M, N-Z)
13D Management
1492 Capital Management, LLC
361 Funds
AAM
Aberdeen
Absolute Strategies
AC ONE
Academy
Acadian Funds
Adams Harkness Funds
Adir…
Reply to @mnzdedwards: Honestly, given equity funds typically have dozens of holdings, I have no problem if a single fund exceeds 10%. I still think that a 4-5 fund portfolio is more than adequate to be well diversified without being index-like or r…
Reply to @Accipiter: Thanks man. I've noticed that too...the poll response is typically light on MFO. I wonder if it's because we're a more jaded community =)...in gentler terms, we all have a healthy dose of skepticism influencing our behavior? Or,…
Good thread Art. Much more insightful I think than the "Favorite Funds" poll.
Mine are:
RNSIX 18%
AQRIX 12%
FAAFX 11%
I'm spread thinner than I like and am working to get back to some higher levels of concentration, like Max's top two holdings.
Hi David.
Thanks for March commentary. I agree with STB65 =).
I will never forget this one and repeat it often: "Let’s be blunt about this. If this fund fails, it’s pretty much time for us to admit that the efficient market folks are right and giv…
Reply to @Investor: Yes indeed! There are 640 "Fidelity Advisor" funds of various share classes but really "only" 98. Similarly, there are 1079 funds in the Fidelity Investments family, but really "only" 370, ignoring share class.
Reply to @Mark & Investor:
As of Dec 2012, I count 25517 funds total (includes ETFs, but not CEFs), all share classes.
But oldest share class, only 8885 (Asset Allocation, 1208; Equity, 5271; Fixed Income, 1909; Money Market, 497). Includes 1…
Reply to @scott:
Good chart on margin correlation...had not seen before.
I think people have to own stocks because you have a government who has effectively given up decision making...
You're telling me. I'm actually more frustrated and concerned …
Good article.
I heard too Joe Nocera on NPR yesterday use the word "bubble" to describe the current equity market.
Based on historical valuation (M*'s fair value plot below), I just don't see it.
To me his description, along with "faux wealth" in…
Reply to @Investor: Man, you're tough. The initial post at the top of page showed results back to 1993. The timing approach beat the 60/40 fixed portfolio for 170 rolling 5-year periods...100%, every time. I will indeed look back even further, but h…
Reply to @Investor: Thanks man. I agree, just could not think of another way to get quick look at the approach. It did help me to better understand the whiplash you can experience when the timing gets out of sync with market.
Even if the experience…
Just as a hypothetical, since we know such behavior is fraught with risk and potential margin-calls, credit limits, leverage strategies, etcetera, Flack asked me to take a look at selling short SPY instead of buying bonds (IEF) in the above scenario…
Reply to @scott: Thanks man. I will be interested in the oil company you pick. Don't forget to add RSH to your list of change-or-liquidate retailers. Panasonic too should be on your dinosaur-watch list.
Break, break. I see that both DAL and LUV are…
Thanks Scott. But good grief. Starting to think that D&C has some of the worst stock pickers in the business. Extracted from their Dec 12 annual report:
▪ Hewlett-Packard down 43%.
▪ Nokia down 13%.
▪ Xerox down 12%.
▪ Occidental Petroleum down…
I'm holding my breath a bit on sequester. Heading into new year, I thought perhaps we'd be OK, but now we seem back once again unable to legislate. Maybe in my next life I will come back as a US congressman or senator...folks with title, great salar…
Berkshire Hathaway BRK.A BRK.B
Gaining momentum last few months after a few so-so years (for BRK anyway).
I know there is some downside risk for when the great one passes the baton.
But for next few years anyway, I'm thinking of jumping in.
Also…
Hi Flack. I like few holdings as well...if only David, Scott, and all the other members of MFO board would stop posting good fund ideas!
Hey, I looked at a variation of the portfolio above using iShares Barclays 7-10 Year Treasury Bond IEF instead …
Reply to @scott: Thanks Scott, as always. I did not know Mr. Faber had GTAA. I see it is about 3 years old. If we follow Flack's method above, the approach trails SPY pure, but it is comparable to 60/40 portfolio. Think we should suggest that Mr. Fa…
Reply to @scott: Cool stuff Scott. Thanks for finding...
I too learned when doing the Matthews Asia MAINX piece last month that when it comes to funds that invest in Asia, houses like Aberdeen may have different offerings for investors in say L…
I participated in the RiverNorth call yesterday. Here is link to presentation entitled Harnessing Volatility.
Bottomline: The fund manager Eric Metz believes that the options market is less efficient than the equity market. RNBWX tries to exploit t…
Reply to @David_Snowball: Thanks David. That sounds a little better. I struggle a bit with the "focused" concept. I never really saw the benefit of Mr. Yacktman having both YAFFX and YACKX. Seems like concentration is either intrinsic to the house's…
