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.
The GMO shop certainly isn't enthusiastic about emerging markets either, a fact I gather from their return estimates, which i have seen. The R2000 they think is grossly overvalued, the SP500 to achieve historically poor returns over a 7 year horizon…
If I were the owner of a high yield bond fund, especially a conservative one like OSTIX, investigating whether a distribution had been made would be absolutely the first step I would take when seeing a move of this size. If someone owns this fund, a…
I think there should be a special place in hell for those who prey upon the distressed, the naive or the elderly.
Now that I have that off my chest, I would tend to agree with those that suggest she talk to Vanguard or a fee- only financial planne…
I believe the effect of the annual letter release is well known. The traders play it. It usually settles back in about a week according to some research I read.
JC-
I don't mind a strongly worded opinion. And I know where you are coming from with regard to Buffett's recent persona. To my eye, this all started with the introduction of the B class shares and then, unbelievably, options trading. Once that was …
Yes, and so do I. These are extraordinary times though.
Very favorable photo of John. I can tell you that the hair is a bit grayer and the face more careworn these days.
Does tremendous work with his autism foundation.
Implicit in what Buffett is saying is tolerance of a very large drawdown, say on the order of 45%. For a large percentage of investors, that is intolerable even if transitory. Most can't stomach the pain.
Hi Ron-
I am linking the fund overview here:
http://www.osterweis.com/mutual_funds/strategic_income
Also a link to the fund literature page here:
http://www.osterweis.com/mutual_funds/strategic_income/literature
This is a great conservative str…
Then you and Morningstar can name it again Ted when its composition evolves to mostly convertibles and Treasuries in a different economic environment and Ron will be no better off for either of your efforts at understanding how the fund invests.
Ch…
Actually, its not. It's a style box agnostic fund which recently has invested almost universally in the HY space because that is where the manager sees the present opportunity for its investors. This is made very clear in their literature and report…
Couldn't agree more cman. The people who are truly making money or who no longer NEED to make money, rarely if ever talk about it. The opposite seems to be true also.
Reply to @JohnChisum: I would second that. I fail to see the attraction of carpet bombing a mutual fund discussion board with off topic YouTube video links, but maybe I am behind the times.
Reply to @JohnChisum: I would hope that this incident has brought on the realization that posting on this message board comes with responsibilities as well as its freedoms. There are certain individuals who treat it like its their own personal play…
Reply to @scott: I hope you will reconsider. I am certainly no fan of the oneupsmanship that some posters constantly practice, especially when it distracts from legitimate discussion. Nor of comments that may be interpreted as belittling. If a shor…
Reply to @msf: Thanks for that link. I wasn't aware of that discussion.
I am using Riverpark Short Term HY to hold cash for the family's short term reinvestment needs. Works extremely well for that.
To address a point made about OSTIX, I would …
Reply to @MikeM: Was concerned not for myself, but for others who missed out on RPHYX, including the poster who was asking about RSIVX as a MM fund substitute (Ack!) Thanks for the nice add here.
Regards,
Mark
Reply to @expatsp: Yes, I saw that. A stronger showing was turned in byOSTIX in that regard. And still, after looking just superficially at it, I agree that this fund may need to go in a different risk bucket.
Lets see if Charles chimes in at some…
Reply to @David_Snowball: Hi David- Thanks. The Intrepid offering piques my interest in this regard and I think I will research that this weekend, especially in regard to its portfolio composition.
Best,
Mark
Agree with David that the tax issue may not be the most pressing need, just the one foremost in your mind. A skilled estate attorney and a competent CPA, as a team, make the most sense to me given what you have described.
May I suggest you start with her attorney, especially her estate and tax planning attorney, for advice and direction? I know nothing about the specifics of your mothers situation but, as an attorney, I see many legal and tax issues with what is befo…
I see SHLD has had an exciting journey these last few years. From a high of over $150 I think in 2006 to a collapse near $25 in 2008, back over $100 in the recovery and now trades in the mid 30s. Nice price action. Berkshire Hathaway this is not.
Preliminarily titled: "The Little Book of Mutual Funds that Beat the Market, Are Aligned With Your Best Interests, Have High Active Share, and Let You Sleep at Night"
Reply to @NickF: At the time of the conference call, 28% of the fund overlapped with RPHYX. The duration of that fund was about 90 days I believe David said at the end of December. A lot of turnover at the short end.
David said his sweet spot was …
Reply to @Vert: Hi Vert- A "dynamic system" is a good way to think of it. Since the fund is intended to have a duration of three to four years, every month it is required to take cash from maturing positions and reinvest it into new high yielding in…
Reply to @David_Snowball: Hi David- in addition to what you have stated, investors may also want to think about how such a fund works. Positions do regularly roll off, allowing the fund to make distributions, but its not a CD where every month your …
Reply to @Charles: Hi Charles- There are other ways to get to fair value that don't include a down draft of that size. One of them would be a choppy years long, sideways market in which earnings don't decline much in nominal terms. Earnings just fla…
Reply to @David_Snowball: Yeah, that chart looks pretty benign for now. Usually you have five or more of these little hiccups in a year but now we've become conditioned to straight lines!
Reply to @Old_Joe: Another 10% down in SFGIX and I would start building.
Currency wars are what is going on. When the pain gets really serious, real wars start.
Reply to @Old_Skeet: Without getting into the specifics of my calculations, I can say that earnings are unsustainably above trend here and are one of the most mean-reverting statistics in capitalistic finance. Once they are properly adjusted for th…
I guess I have a different idea about what fair value means than others. By my math, its around the 1150 level. There will be good TRADING opportunities before then though.
Good luck out there.
Reply to @Old_Skeet: From my thinking fair value for the SP500 is somewhere around 1100-1150. Not that it will get there any time soon and may not get there at all given the Feds apparent new mandate to pump stocks for the " wealth effect". This mar…