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.
Subbing for Ted - here's the online link to this week's WealthTrack, featuring IVA's De Vaulx, who's gone to cash in a big way in the portfolios he runs: "markets are expensive and opportunities few."
Thank you. Charles De Vaulx gave one of the very best interview on value investing, and why he is holding nearly 40% cash. He shares similar view to First Eagle's Matthew McLennan (previous WealthTrack interview) who also have difficult time find quality value stocks. First Eagle Global fund holds 17% cash.
I still have a small position with IVA Worldwide fund even though it has been closed since 2011. It is one of the few true "tortoise" fund.
Tortoise slow to make changes? Not sure whether it was a compliment. I once held a large position in IVA worldwide, but sold a considerable amount. Lately I have been thinking it might be a good idea to up my investment substantially. The US market is overvalued in my opinion.
Who is this Chaz de Vaulx? Is he Charles' evil twin? His doppelganger? An international man of mystery? I imagine Charles with his fists and face raised to the heavens like Kirk screaming "Chazzzz!" as his arch-nemesis steals the limelight.
Who is this Chaz de Vaulx? Is he Charles' evil twin? His doppelganger? An international man of mystery? I imagine Charles with his fists and face raised to the heavens like Kirk screaming "Chazzzz!" as his arch-nemesis steals the limelight.
Value investing always made the most sense to me. I've read Graham's "Intelligent Investor." But, hell!!! The best laid plans of mice and men. Between changing circumstances, changing jobs, occasional periods without a job, and getting a pretty late start to begin with, I must admit to myself that I can't AFFORD not to be invested, and to continue to dollar-cost-average my way into my funds and stocks, as regularly as I'm able. Creating a portfolio, for THIS investor, has been a matter of catch-as-catch-can. When I (rarely) get unhappy or impatient, I switch funds or consolidate. (It's not always about performance. If I get treated like dirt, I walk away.) My task has always been to find growth, but diversify into funds or stocks for dividend income. Geographical diversification, too. These days, I'm tilting toward simplification, but the portfolio isn't so very spread-out, anyhow. I'm just covering the bases I'm able to cover with what I have. I gotta have whatever I can deploy, deployed.
I agreed w/his comments about not forcing equity buys at insane prices or "valuations" just to deploy money. Frankly he said what I've said for years, and seeing him with 35% cash doesn't make me feel too bad when I look at my cash positioning across my portfolios and ongoing reluctance to deploy it in large chunks.
Comments
I still have a small position with IVA Worldwide fund even though it has been closed since 2011. It is one of the few true "tortoise" fund.
https://en.m.wikipedia.org/wiki/Charles_de_Vaulx
I agreed w/his comments about not forcing equity buys at insane prices or "valuations" just to deploy money. Frankly he said what I've said for years, and seeing him with 35% cash doesn't make me feel too bad when I look at my cash positioning across my portfolios and ongoing reluctance to deploy it in large chunks.