Comment on March commentary

STB65

Really very enjoyable. Roy was more sarcastic, but you're gaining.

Don't know how much trouble it would be to toss in a comment on impending closing funds that they are "generally load" or "no load", but for those of us who rush to stick a toe in the door of closing funds of which we were unaware, and are also are load averse, that comment might save a bit of effort (I suspect there is research showing this to be a bad/good idea, but I didn't look it up, nor invest much beyond the minimum). IE, RSNRX was a load fund on TDA and Fidelity; HUBIX was not.

Thanks for stating the percentage return on the Amazon link. You received $2.40 this week on my wild rice purchase (have to buy enough to get free shipping). For you bachelors, chop in some celery, onions, and (quite a bit of) meat and you have a one pot meal that is nutritious and healthful, even with a beer on the side (might need a bit of salt, if you didn't add it to the rice when cooking). Hmmm, never checked the beer prices on Amazon. Now, there's a thought.

Mark

Here I had been thinking that my dad was the only one who put salt in his beer (and on his watermelon). Good to know.

MikeM

Reply to @Mark: Hi Mark. Salt in beer might be a generational thing. My dad's family used to own a bar/restaurant when I was a little kid. I can remember men some times putting salt in their beer. My father told me the draft beer in kegs in those days often became flat quickly and the salt would put a head back on the flat glass of beer. The ingenuity of the "greatest generation", salt in beer.

Mark

Reply to @MikeM: I can see that, I guess whatever works. Ingenuity and the "greatest generation" indeed! Just between you, me and the lamppost I'm fairly certain dad would have drunk his beer flat if he had to, but hey, party on!

Charles

Hi David.

Thanks for March commentary. I agree with STB65.

I will never forget this one and repeat it often: "Let’s be blunt about this. If this fund fails, it’s pretty much time for us to admit that the efficient market folks are right and give up on active management." I hope MJG doesn't make us eat our words...D&C stock picking really seems awful the past few years. Wonder if it is a change of style/expertise...or, just comes with territory of value seeker.

Sweet piece on Tweedy.

"...Longleaf freakishly closed its new Longleaf Partners Global Fund (LLGFX) after just three weeks. Given that Longleaf hadn’t launched a fund in 15 years, it seemed odd that this one was so poorly-planned that they’d need to immediately close the door." PERFECT!

Love the quotes by Bill Bernstein and have added Investor’s Manifesto to reading list. Hope you are right about Artisan. Think your piece will keep us cautiously optimistic, but still wary.

Really great profile update on Seafarer. High hopes for Andrew Foster. With a little more luck, trust he will reach $100M AUM in not too distant future.

Steven Romick and Andrew Redleaf seem to be reading tea leaves same. Their implementation is different, however. FPACX is cash heavy, while WBMIX is shorting high yield bonds. Good alert on FPACX closing. And, good to see FPA_Funds dropping loads, which seem antiquated to me.

"The real reason to leave is about size, the funds just kept taking in money." Amazing quote on the record from Dale Harvey.

Looking forward to the upcoming calls. Good to have a read-ahead on COBYX.

Yeah, think portfolio analyzers will be having harder time as funds include risk-parity, long-short, buy-write, options, etc, etc.

Thanks again for all you do with MFO.