November 1, 2022

By David Snowball

Happy New Year

On behalf of my Celtic forebears, happy New Year! November 1 marks the traditional beginning of the Celtic year at a fire-rich festival called Samhain (or Samhuinn or something like it). It’s a curious cultural choice: the old year ends with the harvest, and the new year begins “the darker half” of the year, a period of confinement and, frequently, gnawing hunger.

On whole, the Romans chose the bright path: they began the year around March 1st when the first hopeful sprouts of spring appeared. The Celts, made of sterner stuff, looked the darkness Continue reading →

Kinetics Mutual Funds: Five Star funds with a Lone Star Risk

By Devesh Shah

The great charm of traditional index funds is that they offer broad market exposure at a low cost. Critics deride their diversification as “diworsification,” where a portfolio automatically contains too little of the really great stuff and too much of the really poor stuff. Bold and confident managers have staked their careers – or at least their investors’ fortunes – on their ability to find one or two great (and greatly misunderstood) companies and then pour resources into them.

At its peak, the legendary Continue reading →

Federal Reserve Rate Hikes – The Next Nine Months

By Charles Lynn Bolin

2023 Sleeping Bears in Waiting

We are in a classic late stage of the business cycle with the Federal Reserve raising rates to reduce demand in order to control inflation. What is different this time is that the inflation is likely to be higher for longer because it is a global issue resulting from a combination of factors, including COVID-related supply chain disruptions and related stimulus, an extended period of low-interest rates and easy monetary policy, and the Russian invasion of Ukraine that, in addition to being a tragic loss of lives, also disrupted supply chains. I look at the base case of the Federal Reserve raising the Fed Funds (FF) target rate in November and December and holding the rate relatively constant next year. The next six to nine months are key to determining Continue reading →

Worst Year Ever

By Charles Boccadoro

All fund risk and return metrics, ratings, and analytics were uploaded to MFO Premium today, 31 October, Halloween 2022. We used Lipper’s Friday data drop to get an early peek … and today markets seemed tame enough, so numbers should be pretty close to month’s end.

October was a decent one for equity funds, especially value. The Dow was up an extraordinary 14%. But still Continue reading →

great horned owl

Vela Large Cap Plus I (VELIX)

By Dennis Baran

Let’s be blunt!

Why bury the lead?

“90% of everything is crap.”





That’s Ric Dillon, the fund’s PM, quoting Theodore Sturgeon (1918-85), a science-fiction author frustrated by a prevailing thought of his time– that works of science fiction are universally bad.

His defense of his chosen field, argued in a New York University lecture hall, can be boiled down to a simple argument. Continue reading →

fountain pen writing a note

Briefly Noted . . .

By TheShadow

Aristotle Capital Management is to buy Pacific Asset Management, the specialist credit manager with about $20 billion AUM from Pacific Life. Afterward completion, Aristotle will be renamed Aristotle Pacific Capital.

Lazard US Convertibles Portfolio is in registration. The principal investment strategy is to invest in convertible securities economically tied to the United States. The portfolio managers/analysts will be Arnaud Brillois, Andrew Raab, Emmanuel Naar, and Zoe Chen. Open share total annual portfolio operating Continue reading →