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Thanks. A nice appraisal. Those were dark days for certain.
Here we're 50% TRP, 25% D&C, and the remainder split up among Oakmark, Permenant Portfolio and Oppenheimer. Been that way for a long time. Burry the nuts in different locations like the squirrels.
It may have been pronounced dead of bloat but its ensuing performance put another nail in the boat, or whatever a good phrase is. Glad I bailed and dove into GABEX and later added YACKX. Years of suboptimal decisions, seemed to me. I had been in it for decades prior.
I can't really speak to DODGX which is the topic of Charles' post. But, I've done well with this company in general. Converted a bunch of their Global (DODWX) to a Roth near the bottom in 09 and rode it back up for about 3 years. Paid off very well. The past 2-3 years that money's been tucked. away in their Income Fund (DODIX) and their Balanced Fund (DODBX). Very pleased with the 5 YR numbers for the Balanced - 13.35% annualized.
Heck, it's lagging the S&P by only a little over 2% for that period. The funds you list look like equity funds rather than balanced. They appear to be fine funds. They'd running 1-2% ahead of DODBX over the 5 year time frame from what I can observe.
In a way I hate touting good numbers like those for fear there will be another stampede of hot money into the funds. Folks than yank it back out when markets start correcting and it makes it really tough for those of us who are in for the long term.
>> The funds you list look like equity funds rather than balanced.
? Yes, they are, to be compared w DODGX, equity to equity, which is what this is about, no? Have I misread?
I put a ton (for me) into it in like 1983, having read about it in some mag, so I am in full agreement about longterm investing. I switched to the others in 2003 or thereabouts, one of my rare sound instinctive investing moves. Have never regretted obvs.
I believe Balanced is equity-identical, just partial.
Ahh - Thanks for clarifying that your move out of DODGX was in 2003. So you missed their horrible period of '07-09 entirely. My first experience there was with the Income Fund beginning around 2005. That's what drew me to them. Mostly, the move into equities was during 2008 and early 2009. No complaints. Typical MO is to buy when things are falling.
To clarify: I interpreted your use of "...its ensuing performance" earlier as a reference to the post-2008 period. That's what sparked whatever interest I had in your earlier comment. If we look only at that period (post March 9, 2009), I believe you will find DODGX has done quite well relative to GABEX & YACKX.
It was during the dark years of 2007-08 for D&C that I recall all the vocal hand-wringing about how bloated they had become. It amazed me than that the hot money pouring in earlier had seemed oblivious to the issue. Hello? -
I really do hate discussing returns & comparing fund performance - even though I understand that's the primary mission of a site called "Mutual Fund Observer." Very old-school. Came up in the 70s when most stayed with just one or two houses. So, spreading $$ around among 5 different families is a big leap. Am entirely comfortable limiting holdings to a few well established families that I feel I know well. The approach imposes a kind of discipline on me that I feel Is sorely needed.
Not vs Yackts since '09, but yes vs GABEX, which I eventually bailed out of to head to PRBLX. There are others as well with better dip protection the last year-plus. It is the last 3y or so that DODGX has rocked. Growth.
I fully concur in your last two sentences and have done the same and for the same reasons.
Yes. Fully agree. Don't buy D&C's equity funds looking for "dip protection." That's the reason I'm now in their Balanced (DODBX). No - Not implying that one has a lot of dip protection either. It's aggressive for the balanced category. However, offers considerably more protection than their equity funds.
Roger and tnx. Being completely in retirement, I use GLRBX for that purpose, my needs-dip-protection bucket. Sometimes too a bit of AOR / AOM, free at ML. Am looking at FTBFX, BOND, and AOK for sooner moneys. Dislike holding lots of cash but it may come to that, as sizable (for me) 2% bond will be all done in a year and a half.
Comments
I heard it from some very bright folks over at Fund Alarm.
(Apparently died of bloat)
A bonafide Three Alarm Fund back then...triple red.
Sure had its time in the barrel. Investing in one value trap after another.
I think we all died a little in that damn recession (to borrow a line from Josey Wales
Seems to me that all funds, even great funds like D&C's, will undoubtedly trip up. Trick is, not to make a habit of it.
Hope all is well Hank.
c
Here we're 50% TRP, 25% D&C, and the remainder split up among Oakmark, Permenant Portfolio and Oppenheimer. Been that way for a long time. Burry the nuts in different locations like the squirrels.
Take care.
I can't really speak to DODGX which is the topic of Charles' post. But, I've done well with this company in general. Converted a bunch of their Global (DODWX) to a Roth near the bottom in 09 and rode it back up for about 3 years. Paid off very well. The past 2-3 years that money's been tucked. away in their Income Fund (DODIX) and their Balanced Fund (DODBX). Very pleased with the 5 YR numbers for the Balanced - 13.35% annualized.
Heck, it's lagging the S&P by only a little over 2% for that period. The funds you list look like equity funds rather than balanced. They appear to be fine funds. They'd running 1-2% ahead of DODBX over the 5 year time frame from what I can observe.
In a way I hate touting good numbers like those for fear there will be another stampede of hot money into the funds. Folks than yank it back out when markets start correcting and it makes it really tough for those of us who are in for the long term.
? Yes, they are, to be compared w DODGX, equity to equity, which is what this is about, no? Have I misread?
I put a ton (for me) into it in like 1983, having read about it in some mag, so I am in full agreement about longterm investing. I switched to the others in 2003 or thereabouts, one of my rare sound instinctive investing moves. Have never regretted obvs.
I believe Balanced is equity-identical, just partial.
Ahh - Thanks for clarifying that your move out of DODGX was in 2003. So you missed their horrible period of '07-09 entirely. My first experience there was with the Income Fund beginning around 2005. That's what drew me to them. Mostly, the move into equities was during 2008 and early 2009. No complaints. Typical MO is to buy when things are falling.
To clarify: I interpreted your use of "...its ensuing performance" earlier as a reference to the post-2008 period. That's what sparked whatever interest I had in your earlier comment. If we look only at that period (post March 9, 2009), I believe you will find DODGX has done quite well relative to GABEX & YACKX.
It was during the dark years of 2007-08 for D&C that I recall all the vocal hand-wringing about how bloated they had become. It amazed me than that the hot money pouring in earlier had seemed oblivious to the issue. Hello?
-
I really do hate discussing returns & comparing fund performance - even though I understand that's the primary mission of a site called "Mutual Fund Observer." Very old-school. Came up in the 70s when most stayed with just one or two houses. So, spreading $$ around among 5 different families is a big leap. Am entirely comfortable limiting holdings to a few well established families that I feel I know well. The approach imposes a kind of discipline on me that I feel Is sorely needed.
I fully concur in your last two sentences and have done the same and for the same reasons.
Yes. Fully agree. Don't buy D&C's equity funds looking for "dip protection."
That's the reason I'm now in their Balanced (DODBX). No - Not implying that one has a lot of dip protection either. It's aggressive for the balanced category. However, offers considerably more protection than their equity funds.
Regards