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Heads Up ! David Snowball On Chuck Jaffe's Money Life Show On Monday 5/4/15
@David_Snowball Is he having you on for a general chit-chat, or is there something specific he has seen (in your writing, on the board, or elsewhere) about which he would like your take? Just curious. Surely, he won't ask pointed questions about certain funds-- that could get awkward really fast.
I suspect that I'm one of his favorite fill-ins. In the normal course of things, Chuck might have me on once or twice a year but sometimes someone further up the food chain cancels (as apparently happened this week) and I sort of pinch hit.
The talks generally have three sections, past his intro:
1. I explain what the Observer is up to and what we look for in screening funds: small, sensible strategy, high insider ownership, expenses commensurate with value, high active share, a manager who has a record in both up and down markets, strict and transparent capacity limitations, and a clear risk philosophy.
2. We chat off-the-cuff. Yesterday about fund families that more or less embody those virtues (GP and RiverPark were the examples) and how GP and Wasatch stack up (one sticks to their knitting).
3. Hold 'em/fold 'em round where I'm asked to comment on funds of interest to his listeners (and particularly to Maynard from Phoenix 'cause Maynard is curious about lots of funds). The short version:
Grandeur Peak, various funds: closed, wait until July to see what explanation we get about the new funds
Royce Select Opp: avoid all Royce funds until they finish their current shakeout
Janus Triton: fine fund, closing soon, check out Meridian Small Growth
MFS International Value: fine fund, focuses on high quality rather than cigar butts, closing soon
Comments
The talks generally have three sections, past his intro:
1. I explain what the Observer is up to and what we look for in screening funds: small, sensible strategy, high insider ownership, expenses commensurate with value, high active share, a manager who has a record in both up and down markets, strict and transparent capacity limitations, and a clear risk philosophy.
2. We chat off-the-cuff. Yesterday about fund families that more or less embody those virtues (GP and RiverPark were the examples) and how GP and Wasatch stack up (one sticks to their knitting).
3. Hold 'em/fold 'em round where I'm asked to comment on funds of interest to his listeners (and particularly to Maynard from Phoenix 'cause Maynard is curious about lots of funds). The short version:
- Grandeur Peak, various funds: closed, wait until July to see what explanation we get about the new funds
- Royce Select Opp: avoid all Royce funds until they finish their current shakeout
- Janus Triton: fine fund, closing soon, check out Meridian Small Growth
- MFS International Value: fine fund, focuses on high quality rather than cigar butts, closing soon
- Seafarer: fave
Maybe one or two others? Hard to recall.For what that's worth,
David