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FMI Funds Quarterly Report -- "It's Different This Time". So, What Could Possibly Go Wrong?

davfordavfor
edited July 2019 in Off-Topic
This quarterly letter takes a look at market cycles and the "it's different this time" mentality that sets in during prolonged bull markets. Here are two "pillars of faith" they suspect will contribute to the current bull market's demise. They both have places on my "what to be concerned about" list:
Returning to the pillar of faith notion, investors’ belief in the Fed rivals any market “truth” we have seen. The mantra is that as long as the Fed is accommodative, rates will remain low and little can go wrong.

The second pillar of faith in today’s market is the powerful belief in passive investing and indexing.
https://fmimgt.com/fmi/funds/shrpt/qly_shrpt_063019.pdf

Comments

  • Derf
    Interesting read, just finished.
    Derf
  • PuddnheadPuddnhead
    Hi guys!
    Yeah....good read. I think less dark than some of their other reads. Again, nothing new here. Going to go down this road to 0% interest rates because there is no other road. Money for everybody.....just ask for what you want and you don't have to pay it back because we keep making more.....so we don't need it. That is longneck wisdom.......don't forget it. It will help you in the future......really, you have to change the way you think. You're so old fashioned and so fossil-like that you are lucky to understand my words.....LOL. Damn! Ain't that a bitch? Where we're at, I can remember being 40 yet.....No lie! I can.
    God bless
    the Pudd

    p.s., I listened to the Asbury report from FIDO. If there is some response, I will post Duke's notes.
  • catch22catch22
    Howdy @davfor
    Thank you for the link.
    The below video link is for Bloomberg, The Open Program, Friday morning, July 26.
    Lots of folks everywhere giving their thoughts about the markets; but I found this 45 minutes interesting; especially Jonathan Golub at 17:30 minutes into the video. I listened to the whole program and will do so again. I would suggest watching the whole program from the beginning to get the "flow"; but I know time is precious.
    Well, anyway.
    Yes, you'll have to deal with some ad blocks in the video.

    Jonathan Golub, negative rates

    Second video link, about 13 mintues: German Finance Minister, We're not in a crisis

    Take care,
    Catch
  • StarchildStarchild
    Reads more like an active vs passive ad to its shareholders. Believe me, if the ship goes down, FMI will go down with it.
  • davfordavfor
    edited July 2019
    @catch22 Lets hope the German finance minister's sense about growth prospects for Europe are correct. Its scary to think what might happen if Europe goes the way of Japan. The Fed seems to have its mind set on producing a never ending economic expansion in the US. I am concerned what they might decide to do if there continues to be a loud sucking sound coming our way from the other side of the Atlanta!
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