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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 @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 …
Interesting Bud. I believe these are 30 year rates, but hard to tell exactly. Here's a similar chart:
While I only have data back to early '60s, the difference between current and average for the shorter-term rate seems more substantial, as indi…
Related excerpts from Mr. Redleaf's most recent quarterly, which I think you will both appreciate:
"We regard the equity capital structure/blue chip trade as a mid-to-long-term investment likely to run for several years. In the event of an extraord…
Reply to @hank: Got it. Good points. I guess if you are in this business, it's all advertising to a degree. For me, if the solution space is constrained to what the author is selling, then a red flag goes up. Too much potential for conflict of inter…
Gotta believe that some of ATPAX's 12b-1 went into encouraging The Street to write this article. Seems to me there are so many better choices out there (PONDX, SPHIX) that offer higher yield, higher total return, much lower fees, and no-load.
Great comments on this thread by MFO readers, as always. Thanks for starting Old_Joe.
Mr. Redleaf's view: "...the right strategic direction for the next several years and perhaps the decade is to buy equities and sell bonds..."
Here's link to full…
What can I say, life with Berkowitz. You either love it or hate it.
Thanks again scott for the sympathy regarding 6% drop in FAAFX on the 14 Nov. MBIA has actually recovered strongly since, including a pop yesterday of 12%:
That said, SHLD just…
Thanks man.
MBIA actually stemmed bleeding today. Speculation that others will come rescue and keep MBIA alive to fight the good fight with BAC.
Rest of market of course tanked today. Market certainly not responding well to election.
Hope, otherw…
Ah, D&C. A favorite topic. I've actually been digging into this fund's performance, as mentioned in previous post. Almost finished. Hope to post shortly. Think both hank and Shostakovich make good points. Thanks Ted for article. (Though truth be…
Reply to @carvalho: "The goal of risk parity to is neutralize manager risk -- it was designed around the basic premise that over long periods of time it's hard for managers to keep picking winners and outperforming the market. It's not actively mana…
Reply to @VintageFreak: You're right, I am reaching. But look at the comparison since inception...against some other notable "Conservative Allocation" funds, like VWIAX, DODIX, FOCIX, PONDX, and (my fav) RNSIX:
