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.
And a Barron's article with some comments on effects at Ivy and Artisan:
http://blogs.barrons.com/focusonfunds/2013/11/25/artisan-grabs-ivy-high-income-manager/
Here is the prior announcement from Ivy regarding Krug's departure and Nelson's assumption of the role of manager of Ivy High Income. As "finder" observed, it was performing well in the high yield space for its risk profile.
https://www.ivyfunds.c…
Reply to @Crash: I don't know if he is correct that the sell off will continue or not. If it does and EM equities become compelling, I will buy however.
So far the Fed is winning The Great Currency War. When that ends EM will likely be cheap. At le…
Reply to @scott: He's no longer just a professor, pontificating and prognosticating about stocks. He's horribly conflicted in his role as spokesperson for WisdomTree. In my opinion, ignore him and all the other "seers".
Reply to @cman: Perhaps an "insane focus" on the markets will allow us all to overcompensate in the best manner possible by "compounding our investment capital to such an extent that all this stuff becomes meaningless". Or, we can all calmly reflec…
Reply to @cman: Its what I said at first, only you have said it more clearly. The constant need to tinker will drive any FA to distraction, hence my comment that a "divorce" would be inevitable. A good FA would have his best interests at heart, but …
If he said you are already accomplishing with this mix what RSIVX is intended to do, go ahead and file the papers on the divorce now. Anyone out there have any idea what this FA could possibly be talking about?
Reply to @mikes425: I see. If your goal is to improve things with what you are doing, then chuck the financial advisor. The divorce is going to happen anyway. It's just who files first.
Reply to @mikes425: Are you looking to replace your fee only investment advisor and adopt a DIY approach because you believe the relationship isn't working? If not, why again come on a mutual fund discussion board and get "answers" from people who k…
Reply to @mrdarcey: Of course you are correct to point this out. Mine was just for quick fact checking and the discrepancy being pointed out was not a matter of small degree, thereby bringing conclusions from analysis directly into question.
It's …
Reply to @Mark: The thread in this "dog and pony show" (derisive term usually referring to sales and marketing pitches) is about emerging markets funds. That is a foreign small/ mid cap fund with EM exposure in the teens.
So no Europe and no US but in Japan, Singapore, Taiwan and So. Korea. Much different.
My point in all this was for people to investigate the REASON for the performance differences among funds. And hopefully to do much of the work themselves. Where…
"Seafarer simultaneously has more developed market exposure (32% to 25% for the others - firms domiciled in the US and Europe whose earnings are predominantly generated in emerging markets)......"
This statement is what I was referring to by the ab…
Reply to @expatsp: I refuse to look in detail at its composition, but M* says it has 17% in US stocks, which I didnt know was still a developing market. I'd start there for part of the answer at least. If that 17% is up 30% or so over the last year,…
The only thing similar about them is that they both call themselves Emerging Markets funds. Given its composition, WESNX will be much more volatile up and down. For a fund trader, watching daily may indeed be a requirement.
When in a strongly uptrending market, long only is the place to be, no doubt. Everyone feels good about their longs and the message boards fill with the traders riding the trend and who let others know about it. I get it. The "systems" seem magic an…
Reply to @hank: Every strategy has a bear market waiting for it. But Johns failure to follow his own strategy in 2009 marked the point where he veered off course, seemingly never to return. The strategy worked brilliantly from 2000-2008.
In my opin…
I love these gripes because they show you are actively reading an article not just accepting its contents as unchallengeable information. This is higher order thinking. Perhaps they should not raise your ire but you should keep taking note of author…
Reply to @Ted: Could you please explain your role on the Discussion Board to me and whether it is an official position or not? I am confused by the tone of some of these exchanges. Thanks.
Reply to @PRESSmUP: I understand. He has underperformed not only the index but his peers as well. But, in his defense, valuations in the RU2000 are obscene. The worst I have ever seen. And I have been in the markets since 1978. If you are a value ma…
Reply to @PRESSmUP: For a manager of others monies, "too early" leads to redemptions. It's a constant job hazard. You run your valuation metrics, you make a decision, and the position goes against you. That's what you are paid for and sometimes you…
Reply to @Hrux: I like the contrarian nature of these moves. I don't think miners will move contrary to a general market fall but I agree they are cheap and you have achieved better pricing than Mr. Cinnamond (ARIVX) who was too early. In his defen…
Yes, "Junkster" I recall such things. I have been an investor since the 1970s and a manager of others monies since the early 1990s. Now I head a multi family office.
I was an early lurker at Fund Alarm and greatly, greatly admire David's efforts h…
Reply to @cman: Yes, I am well aware of momentum strategies based upon a rules based trading of asset classes. ETFs are widely used for this purpose because of their low costs. Mutual funds? Possible, but not so much.
This thread originated from co…
As I read it, this appears to be an article dated 2005 about a strategy Mr. Jacobs sells to subscribers that, backtested to the bear market low in 1975, shows 20.3% average annual gains during the period selected. Mr. Jacobs called his fund moment…
Reply to @Junkster: Of course, striving for good performance from your investments is not "performance chasing", but I think you knew that and wished to make a different point.
For those unfamiliar with the term, a simple explanation can be found…
Poor performance of a strategy is not a reason to label it a product of MFO groupthink, whatever that pejorative phrase is designed to accomplish. EVERY active strategy has a bear market waiting for it.
This is a First Principles matter in investin…
Reply to @MJG:
An admiring note for your efforts to patiently share your knowledge.
Concur wholeheartedly regarding the utility of Monte Carlo for the purposes you describe and with Great Courses for the curious but time strapped!
Best and Happ…
Perhaps. Stocks are still claims on the future earnings of companies. But we rarely think of them that way anymore. Just look at the statistics on average hold time for a stock or a mutual fund. They are going to have to start measuring both in DAYS…
Reminds me of the pooh poohing of all the valuation metrics by the sell side in 1998-1999 and again 2006-2007.
Decidedly not short this market, but after five years of a run up I am very wary.
In my opinion we have one more cyclical bear market …
People who want an index tracking fund should buy one. Those who want alpha ( not beta) in terms of a managers expertise or strategy should read and understand all fund literature before investing.
Cinnamond will have his day.
(Charles, I think y…