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
I suspect that most on MFO hold actively managed funds, because of the very nature of the site, but thought it would be interesting to ask...please see poll.
Reply to @MJG:
“Investing and soap share a common trait; the more you handle the soap, the smaller it gets.”
I like that!
"Studies demonstrate that nobody has the talent to select future “hot” managers, nobody effectively times the market, nobod…
Thanks Ted.
Makes perfect sense to me.
"ETFs, in contrast [to MFs], give investors the same kind of liquidity that they get by owning individual stocks — they can be sold at any time of the trading day [and without redemption periods/fees] — while…
Thanks Scott.
"He continues to worry about the U.S. debt load, but he doesn't think interest rates will surge anytime soon."
"He also argued that student debt is a major and growing problem in America."
"And as for trades, he thinks now's the tim…
Reply to @Desota: Hi Desota. It was a while back and you were part of discussion: A Tale of Two Fund Giants
Again, the issue for me is the way they prey on unsuspecting young professionals who are trying to do the right thing...save for the future.…
Well, glad to see outflows of American Funds. I am not a fan of their business model, which I've posted about previously.
But, sad to see outflows of D&C. They are a quality shop, but granted, not unexpected, given they got caught in the 100 ye…
Sweet catch, thanks for sharing.
"The Funds Boat is at anchor, riding in the small waves, watching the weather and behind the breakwater barrier."
Feels like same in our house lately. Steady as she goes, I trust.
Heavy to light: RNSIX, AQRIX, WBM…
Reply to @catch22:
"Noteable changes in bond returns will surely come some day.
1. watch Treasury pricing/yields; as well as bunds, gilts, Japanese bonds
2. watch reactions from 1 in bond eft's in all bond sectors
3. watch reactions from from 1 &…
Reply to @catch22: Thanks again Catch. Very much appreciate the detailed response and neighborhood real estate analogy. Yes, I believe you are thinking and transcribing quite properly! Until next thread, take care.
Very cool. Glad to know that I too have a piece of intrepid PIMCO Income. Thanks bee.
Looks like RNSIX holds about 18% of its portfolio in closed-end funds, about fifty or so names, two of which are PIMCO. Here is composition from earlier this year…
I chose the younger RiverNorth Doubleline Strategic Income RNSIX over PIMCO Income PIMIX after MFO featured it in April 2011. In addition to its great appreciation and strong yield, I was most attracted to its high Sharpe and low volatility, right f…
Reply to @catch22: I'll speculate that there are couple reasons: 1) lack of education in investing options, which scott has written well about, and 2) distrust in just about any investment option beyond CDs after the 2008 financial melt down.
Just outstanding David.
Very much enjoy December post. Rich with content.
PIMCO is so utterly impressive. Funny though how Real Retirement or Retirement Target funds never seem to inspire much.
Glad to see note about Redleaf's Whitebox. If it hel…
Thanks guys.
Greg, you got the story...it's about the difference between investor and total returns for FAIRX, and what that difference says about investor psychology. It's not about telling investors to avoid the fund now because it's had a good y…
Ha! Give me a break.
I'll challenge anybody on this site to produce a better stock-picker than Bruce Berkowitz or Cliff Asness.
This is a non-article article.
Reply to @Investor: Good points. Your Case 1) represents underlining assumption for these kids. I think even "balanced funds," like you suggest in Case 2) hold too much volatility for many retired folks (like me almost), who appeal more to the 2/3 f…
Reply to @David_Snowball: I love you man. I thought about it today too. Over last 20 years, balanced funds are only 1-2% lower in APR than stock funds (eg., DODBX vs DODGX). But if you really have 20 years, those 2-12 year old kids should be equity …
Reply to @ron: Ouch, on the speculation part, and a bit unfair I think, based on the case studies Berkowitz presents when taking his positions. Even the implied Heebner comparison is a stretch...who trades at frenetic speeds, if I remember correctly…
Reply to @fundalarm: Absolutely agree. Good grief David, you are the advocate of funds like Grandeur Peak Global Opportunities (GPGOX), yet you are recommending balanced funds for 12 year olds?! I vote with fundalarm...at least 80% equities. Heavy e…
Reply to @Ted: How about this: the public has become tired of lack of risk management in mainstream funds, certainly for the core of their portfolios. I'm guessing that they are willing to lose-out on some of the long-term upside to avoid getting sl…
Reply to @scott: Yes. Currently, it seems, people would rather own a company's debt, than own the company. If I recall, in Ben Graham's classic "The Intelligent Investor," it was not that long ago where it was in fact inappropriate, perhaps even ill…
Yes, it's a bet on the manager, the deep value philosophy he employs, his courage of conviction in execution, the integrity of his firm, its track record. Set your position aside and let's revisit in 3 years. Cyber Monday, 2015.
Thanks Catch. A good year indeed.
Think this is first time I really looked at the details, sad to say.
I know the composition is for "near retirement, capital preservation and to stay ahead of inflation creep," but surprised to see it virtually de…
Enjoyed recently The Little Book That Still Beats the Market, by Joel Greenblatt, founder and managing partner at Gotham Capital and adjunct professor at the Columbia University Graduate School of Business.
Quick read (listen). Easy to understand, …
Hi bee. First time I saw pragcap was in recent post by Bud, showing historical yields on US Treasury Bonds. Same author Cullen Roche. I just downloaded his "Understanding The Modern Monetary System." Thanks. Very much appreciate link to the opposing…
Wow. I like the "LV Anamoly" insight Ted. Ditto for "Vive la vérité. Vive la volatilité." Good stuff bee (I think, since most of it is over my head). Does seem that Mr. Cole can certainly spin it. Here is link to similar version with, perhaps, some …
