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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
Very cool.
My wife MJ and her sister will be staying at Disney Swan for an Epcot and Disney World get-away during first week of November.
Great time of year to be in Orlando. Love the boardwalk. Love dining at the bar of the Flying Fish restaurant…
Not much of a surprise, seems like.
Actually, I do not think Wall Street likes surprises.
So, steady as she goes.
Let's climb our way out of this hole.
One quarterly report after another.
Onward, upward.
Mr. Redleaf is, in fact (as David points out in October letter), shorting small caps in his Whitebox Tactical Opportunities Fund WBMIX, which I do own.
Here is his justification, from June '12 Market Commentary:
"Far better than the “pure” hedge i…
Thanks scott, Kenster, as always.
scott, gotta tell ya, very much appreciate your perspectives on future banking (I agree), the way you articulate importance of education (for the masses) in investing, independent perspectives on funds, the desire …
Um, probably just me, but I'm not seeing the automatic link on the five letter fund symbol when posting to the Discussions page. Am I doing something wrong?
Yes, keeper. Heathbob and MikeM are spot-on. Hard to think of a better stock picker than Mr. Berkowitz available to us mere mortals. I appreciate his rationale for buying a stock, his case studies defending them, his willingness to be independent an…
Thanks Vintage for sharing. I like the points you note in assessing a fund. I think you are saying that a good portion of your decision is based on behaviors of the Fund Manager, in additional to an all-cap/all-aspect investment domain. I too have s…
scott, fundalarm, David, hank.
"These sorts of funds are going to be volatile, given the nature of the underlying sectors - they are not trying to protect you from downside. The intent is to protect you, over time, from rising costs/inflation and t…
Disappointing to me that folks like Christian Wagner, founder and chief investment officer of Longview Capital Management LLC, get portrayed as modern day risk managers.
Here's strategy from the Longview site, emphasizing "Downside Management."
A…
Reply to @msf: I agree. I'm sensitive to it also. SFGIX will need to prove itself over the longer run against top-notch funds like MACSX. But for now, I'm happy.
Reply to @scott: Man, that "value" in technology question is profound stuff. If value means only under-appreciated, it should not matter. But if value means price/book, you are spot-on, since "book value" for a tech company can vanish in a flash. Th…
Thanks fundalarm. I think your observation is precisely my growing concern. Like scott's warning to tech companies that "need to have been getting it right yesterday, with how fast technology is moving." Perhaps same is true for wealth management co…
Here is D&C's commentary on HPQ from June '12 Letter to Shareholders:
"Hewlett-Packard (3.5% of the equity portfolio on June 30) hurt relative results in the first half of the year. Hewlett-Packard, down 21% year to date, has been one of the po…
It hurts.
HPQ slammed today 13%!
HPQ has been a top holding at D&C for years now.
As staunch a proponent as I am for this fund family...has D&C lost it?
Despite the long record. Gold M* rating. Low fees.
Not just 2008 with its chasing o…
I know someone is going to squawk that I am not comparing apples-to-apples, but as a fund owner that switched from WGRNX to SFGIX at first opportunity, I could not help myself...please forgive me:
And, forgive me for this: I looked to see if J.R.…
Reply to @scott: Man, we need to start paying you commission. (Of course, WBMIX was up 0.43% today...that should help.) Can't thank you enough for all you contribute to the healthy debate on MFO. Very much appreciate.
PS. Not yet reading Dark Pools…
Thank you David. Excellent! I too found my way in via Google, just like you advised.
Sir, this article seems consistent with the other posts scott has made, the shareholder letters, and articles I've read. (I did not know hedge funds could not disc…
I'd argue that for dynamically allocated funds like these, it's not so much about whether you invest with the index...but when you invest with the index. Those of us that invested with index have done very well this past year, but those who invested…
I think M* should publish a running tally of its fund Picks/Pans and/or their latest color-coded, five-pillar rating score by year. A historical and unabashed record of this difficult arena of fund recommendation and implied prediction. Ultimately, …
Why is it that this report by Jaffe seems a bit disingenuous? In retrospect, I guess it is easy to point to the flaws of this $1.9B fund.
But it was not so bad for M* to give it a "Pan." In fact, M* rates JAWWX "Neutral." No negative factors in any…
Thanks fundly, fascinating.
Here's link to the article you recommended:
http://www.forbes.com/sites/baldwin/2012/09/06/make-easy-money-from-fund-swaps/
I'm stunned.
How do you reconcile the expense ratio attendant with all these funds? I would fear that you have index-like exposure, but at elevated mutual fund/ETF fees.
That said, I'm glad it works for you...it's unique and your portfolio certai…
Hi again scott and others on this post.
Good to see more folks adding to SFGIX. It's doing quite well this year. But Max for the life of me I will never understand why you own three similar Matthews funds and SFGIX! But, if you're happy, I'm happy.…
Suspect it is simply that 1) bond funds are currently providing returns at or above historical equity returns, and 2) every equity owner from 2008 has finally recovered and simply does not want to risk another 60% decline in portfolio worth.
RNSIX
AQRIX
FAAFX
WBMIX
SFGIX
DODBX
Highest to lowest portfolio holdings.
I tend to agree with HiYield...hard to ignore equity-like returns with bond funds right now, while it lasts.
I recently sold RPHYX, adding to AQRIX.
Never did follow-throu…
Go D&C! It would be good to see this great fund family get back on top, applying lessons learned from 2008 that will make it better than ever. They are certainly making a run at it this past year.
Bill Gross may not be James Bond, but some certainly think he is Superman. I'm actually a bit sympathetic to your friend's inclination.
Did you know that Gross once ran three marathons in three consecutive days?
There is a very poignant scene at t…
Hi Vintage.
You're right, of course.
And yet...
I think that to invest in a fund like RPHYX or PAIUX, you need to have a three month or less horizon. If so, you definitely need a "cash" fund.
But if your time line is more reasonable, like two ye…
Just finished "The Quants." Absolutely loved it. A rave. Intelligent. Insightful. Relevant. Entertaining. scott, can't thank you enough for recommending.
Moral? How about...avoid addiction and debt. But I know this can be a lot easier to say than do, like most things of value. As for Corzine? All things based on falsehood will eventually be proven wrong.
Brother MikeM. You are a better man than I.
I could not "sleep easy" with YAFFX. Last three years it has indeed been less volatile than benchmark. But longer term, it's been just as volatile...accumulating some significant, if short-term, losses.
…
