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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
From a 2012 Reuters post: Paul after PIMCO.
Now McCulley, who says he’s more able to openly speak his mind because he isn’t responsible for managing other people’s money, seems to be enjoying the freedom to say what he thinks needs to be done to fix…
Absolutely love the Bronte Capital post.
If you buy weight loss shakes from GNC you do not get the gold stars.
And,
Bill Ackman's thesis is the most easily falsified bear-thesis I have seen from a major hedge fund ever.
Piercing stuff on Mr. Ackman…
Looking forward to the read.
Here's recent SeekingAlpha post on our hero: Bruce Berkowitz Expects To Make 4 Times His Money On His Core Holdings.
I'm inclined to agree.
...local chains can be more nimble and have a better understanding of the customer.
Makes sense to me. Even Google having hard time in China, no?
Suspect same holds here in US. Perhaps IKEA an exception. Can't really think of other successful forei…
I like the "Elevator Talk" addition David.
A peek at Rocky Peak's recent holdings shows Radio Shack RSH, which Scott and I have been posting about lately - it has rebounded an extraordinary 50% YTD:
So, of course, I had to look a little further…
Thanks mns, scott, bee. I like idea of Fairholme pursuing a closed-end offering. Seems to fit. I will add "Confessions of a Street Addict" to my reading listing. And, I respect that Mr. Berkowitz just puts himself out there, consistently exercising …
Let's hope, but the whole thing just seems incredulous to me. Who shuts a global fund (benchmarked to MSCI World Index) at $28M AUM? Sounds like this one left the station prematurely.
Reply to @andrei: All my holdings are actively managed for precisely the reasons you state Andrei. Nonetheless, I enjoy MJG's perspective and the healthy debate in general about active versus passive approaches.
Ted sums it up nicely:
The judgement…
Thanks David. Hard to fathom for me. If they were that close to the their value criteria, then it probably should never have opened to begin with.
But I've been a wary of SAM and LLP ever since LLSCX lost 60% of its value from mid 2007 to early 200…
Man, you're right about the mix of comments. Reminds me of line in Patton at the end of the movie: "A slave stood behind the conqueror holding a golden crown and whispering in his ear a warning: that all glory is fleeting."
Reply to @Investor:
Good stuff Investor. Here's summary of Dec '12 report findings:
Very few funds manage to consistently stay at the top. Of the 707 funds that were in the top quartile as of September 2010, only 10% were still in the top quar…
Reply to @Shostakovich: Here is the paragraph from the prospectus:
The Board of Directors has authorized the Manager, in its discretion, to determine that, at any time, shares of the Fund will no longer be offered and sold (including in connection w…
Thanks rono, nice post. Me, I have hard time buying precious metals just because people want to own them, like gold in recent memory. I am more interested in their industrial use - to produce useful products.
Reply to @Shostakovich: Sorry Shosta, I'm too slow...you are being facetious, aren't you? I could not find your reference to suspending "reinvestment of cap gains and income distributions for existing shareholders" anywhere.
Hi bee.
I too have always been attracted to this area. Mine it, build it, or farm it - the only ways to produce, as everything else is just moving money around, isn't it?
Personally, I have a weak-spot for Vanguard Precious Metals and Mining VGPMX…
Good point Scott. Just want to better understand why, especially for the relatively small FAAFX and FOCIX. No news on its web site. I do see Fairholme as more pure investment house than fund maker. Shadow is amazing alerting us to such things. Wond…
Ha!
MJG's gonna love this one.
Skeeter, you must be grinning watching this fuse burn down =) :
...most...of these prior choices have indeed lived up to our expectations and performed well...
...it is indeed possible to find good funds that will do…
Hi Skeeter. Thank you for sharing "pops old strategy." Like Ted, I like to minimize holdings...four is a (hopeless) goal, especially being an MFO reader. Perhaps 10? I did notice that 62 of your 65 holdings have loads of 5%, nominally, which seems n…
I agree with msf, T. Rowe Price Strategic Income (PRSNX) is a good choice.
Of the others mentioned and based on M* list catch provided, here are alternatives I like the most (I already own RNSIX), oldest to youngest:
PIMCO Total Return Instl (PTTR…
Sweet! An optimist in a cynical world.
America has also long been a place where aspiring entrepreneurs from around the globe sought to be - high opportunity to reap the benefits of one's labor, eg. the folks behind the rise of Silicon Valley descri…
Hi Chris.
I too have looked at Invesco's Balanced-Risk Allocation ABRIX.
Might look into the following alternative offerings, as well:
PIMCO All Asset Instl (PAAIX)
PIMCO All Asset All Authority Inst (PAUIX)
AQR Risk Parity I (AQRIX) - Limited
AQ…
Reply to @MJG:
Time in the marketplace is the essential secret; it’s as easy as that.
Nice post MJG. Thanks for sharing.
Hey, what do you think of Professor Greenblatt's Magic Formula method?
Ditto...
Bee,
I wish I had the skill set, time and nerve to successfully play in the stock sand box.
That's exactly how I feel! And why 98% of my portfolio is managed by much smart and dedicated professional fund managers.
My best performance come…
