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 @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…
Reply to @scott:
Ha! I started out wanting to short it last November. I think I had just experienced another high-priced purchase at one of its stores, by an ineffective and inattentive staff. I thought, this place simply can't survive much longer…
Love it.
Your first two takeaways, especially:
(1) Mutual fund survival is always an issue. In the Vanguard study about 34 % of the candidate funds did not survive the study period of about 11 years. That high a failure rate has always shocked me.
…
I was wondering what the real difference was...other than AQRIX is closed to new investors. Thanks scott. I liked Dailo's profile in Hedge Fund Market Wizards by Jack Schwager.
sligo, great observation. I suspect you are right, if M* were hosting the call, likely to get much more management oversight and rehearsed answers...one of things I really love about the MFO forum.
David, superb call. Ms. Kong is a class act. Reall…
One of the perks of being with Schwab, I guess. They do some things very well, like their Personal Choice Retirement Accounts. Other stuff not so well, which I have groused about previously.
But in this case...AOK. Here are the screen-shots showing…
Hi again David.
Another question if I may...
I noticed that MINCX/MAINX has no holdings in India, Pakistan, New Zealand or Taiwan. Is that because Ms Kong does not see equivalent opportunities there, or are there additional issues holding investme…
Hi David.
Like you, I too found few offerings comparable to this intriguing fund.
I searched for fixed income funds focused on same Asian region that MINCX/MAINX provides in its literature:
Below is comparison of funds I found:
MAINX tops …
Thanks claimui.
I like the part about how demography drives GDP in different places around the world.
PAUIX is impressive and has billions in AUM to show for it. It and its sibling PAAIX have beaten SP500 by 2-3% annually the past ten years, while…
I'm officially in ARIVX.
Purchased ARLSX too and upped holding in AQRIX.
Here's current fund portfolio, heavy to light:
RNSIX, AQRIX, SFGIX, WBMIX, DODIX, ARIVX, ARLSX, FAAFX, DODBX.
So much for my dream of a four fund portfolio...thanks MFO =).
Thanks fundalarm.
That's great news for this young fund. In fact, I love just about everything about this shop, but I just tolerate its EP. With SFGIX starting to find its groove, perhaps it will attract more attention...the lower the EP the better…
Thanks Max!
Here's why I can't...see yellow boxes:
Your recommendation certainly has high potential, just look at 2009. I like the Matthews' fund family, of course. But I already own a heart-attack fund in FAAFX...still waiting for my 2009.
…
