Consequences – Unintended or Not?

By Edward A. Studzinski

“The danger is not that a particular class is unfit to govern.  Every class is unfit to govern.”

          John Emerich Edward Dalberg Acton, aka Lord Acton, “Letter to Mary Gladstone” (24 April 1881)

The continued shrinking of liquidity has been a continued concern of mine.  We are at a point where the danger signals are again blinking, except the danger will come not from the direction Continue reading →

Nowhere to run to, nowhere to hide

By David Snowball

Good news: The US stock indexes are at, or quite near, all-time highs!

Bad news: The US stock indexes are at, or quite near, all-time highs.

Good news: the 3rd quarter of 2018 had the highest returns over any quarter in over five years!

Bad news: the 3rd quarter of 2018 had the highest returns over any quarter in over five years.

Good news: the advance in Continue reading →


By Charles Boccadoro

“But we in it shall be remembered —

We few, we happy few, we band of brothers …”


Nearly 400 civilians and military participated on September 29th in the 7th annual March for the Fallen event at Fort Indiantown Gap’s army training campus. The march honors fallen soldiers that have “given the ultimate sacrifice,” so that “we can watch the sun come up like we see on this beautiful fall morning over a free country,” stated Major General Anthony Carrelli at the 6am welcome ceremony.

More than 110 of the Continue reading →

old license plates on a wall

Funds in Registration

By David Snowball

Before funds can be offered to the public, they’ve got to be submitted to the SEC which has 70 days to review the application. That means that funds hopeful of launching by December 30th need to be filed by October 15th. This month’s 15 new funds, including offerings from both DoubleLine and T. Rowe Price, represent the first part of that year-end wave. Continue reading →

Manager changes

By Chip

Yikes, the world is spinning faster and faster! In the course of a normal month we’ll highlight 60-70 manager changes in equity and allocation funds. We mostly skip bond funds because, frankly, it’s a danged rare fixed income team that’s materially affected by the departure of a single individual. This month, though, brought a record 105 manager changes.

By far the most consequential was  the fission of Artisan’s outstanding global value team, which has been nominated six times for Morningstar’s Continue reading →

fountain pen writing a note

Briefly noted

By David Snowball

The imminence of Halloween reveals itself in the deadened thud as the walking dead move toward the graveyard. Summer saw a curious lull in fund liquidations and manager changes both, but the end of summer is ending that reprieve. Our mid-September and October issues recount 70 obituaries, the vast majority of which were announced in the past 30 days. A precious few were high-performing funds that couldn’t attract attention. There seems to be a pattern in the remainder: lots of funds designed to Continue reading →