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In this Discussion

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.

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  • beebee
    edited June 2023
    Good stuff.

    As for risk factors, I would add:

    - Fund Manager Risk
    - Group Think Risk
    - High Fee Risk
    - Portfolio Construction Risk - "De-worsification Risk"
    - Personal Investor vs Professional Investor Risk (both can be risky)
    - Cognitive Decline Risk
  • edited June 2023
    The June 23 episode featuring Christine Benz was previously broadcast.
    Episode #1941 was originally broadcast on April 07, 2023.
  • beebee
    edited August 2023
    July 1 pisode
    Grantham discusses his views on climate change, bursting market bubbles, and artificial intelligence. He believes that climate change is the most important issue facing the world today and that artificial intelligence could have a major impact on the future of the economy.
    Risk Profile:

  • beebee
    edited July 2023
    July 8 Episode
    Royce discusses why his Royce Pennsylvania Mutual Fund has outperformed its benchmark for over half a century and why he believes small-caps are laying the foundation for an extended cycle of above-average returns.
  • edited July 2023
    Thanks, bee. I often stop to listen to Consuelo Mack and her guests. Grantham is a perma-bull. And small-caps are to volatile for me. I'll be 69 in 19 days.

    *Edited: oops. Grantham is a perma-bear.
  • bee
    October 2021 Flag
    Anyone have a a favorite “buy and buy more” small cap fund?

    Yes Fuller and Thaler Behavioral SC
  • beebee
    edited July 2023
    July 15 Episode
    Discover investment opportunities in this field through the expertise of Lucas White, Lead Portfolio Manager of GMO’s successful Climate Change Strategy. With the impressive performance of GMO’s Climate Change Fund, which beats its benchmark and boasts 12% annualized returns, investors gain exposure to companies combatting climate change and adapting to its effects. White shares insights on the fund’s unique approach and discusses his journey in launching it.

  • Which brokers offer the GMO climate change funds?
  • beebee
    edited July 2023
    Jim0445 said:

    Which brokers offer the GMO climate change funds?

    Morningstar used to do a pretty good job of giving brokerage information. I don’t see it being offered anymore, but I did come across this under the sustainability tab at MorningStar.

    GCCLX IS NOT very highly rated for its sustainability
  • July 22nd Episode:
    Uncover the secrets behind managing the world’s largest mutual fund, the Vanguard Total Stock Market Index Fund, in this captivating episode of WEALTHTRACK. Join Gerry O’Reilly, the fund’s principal portfolio manager, as he reveals the active management required for this trillion-dollar behemoth. Learn about O’Reilly’s inspiring journey from Ireland to the 1988 Seoul Olympics before delving into his impressive track record. Gain insights into the misconceptions surrounding index fund management and discover the strategies employed to match the CRSP U.S. Total Market Index.

  • beebee
    edited July 2023
    July 28th Episode:
    Discover the future of AI investments with Michael Lippert, Head of Technology Research at Baron Capital. He believes AI is now at its transformative inflection point.

    Join us for an insightful discussion on his recently published report, ‘Investing in AI: Opportunities and Risks,’ where we explore the potential of AI as a game-changing technology.

    As the Portfolio Manager of Baron Capital’s high-growth stock-oriented Baron Opportunity Fund, he shares his strategies for identifying companies with durable competitive advantages and cash-generative business models, fostering double-digit multi-year projected annual returns.

    Gain valuable insights into the growth potential of AI investments from a seasoned expert’s investment perspective.

  • Article By Michael Lippert:
    Investing in AI: Opportunities and Risks
  • edited August 2023
    Selecting the best mutual funds to achieve long-term financial goals remains a challenging task for investors. Russel Kinnel, Director of Manager Research for Morningstar, has dedicated nearly three decades to this endeavor. He oversees Morningstar’s North American Morningstar analyst ratings committees, responsible for vetting the prestigious Morningstar medalist ratings frequently cited in the financial world.


  • August 12,2023 Episode:
    Investing can be simple and accessible to the average person, says financial thought leader and economist Burton Malkiel. Malkiel, author of the investment classic “A Random Walk Down Wall Street,” has 50 years of research to back up his claim.

  • Aug 25th Episode:
    Discover insights from renowned investor Steven Romick, Co-Portfolio Manager of the FPA Crescent Fund, which celebrates its 30th anniversary this year. Unlike most funds, FPA Crescent has not only survived but thrived for three decades, delivering almost 10% annualized returns with lower volatility than the S&P 500.

  • edited August 2023
    With all due respect to Romick, his clients made a lot less than other allocation funds in the last 10 years because Romick was too cautious and used a high % in cash.
    PRWCX,FBALX and even rigid and conservative Wellington had a higher performance.
    See 10 year chart(

    In 03/2020, a black swan event, FPACX wasn't great either. It lost a similar or more % and was slower to recover (

    FPACX/Romick charges a higher ER>1% than many other funds in this category.

  • edited August 2023
    Romick was certainly engaging and smart. Makes a helluva lotta sense. I just wanna steer clear of the very big cash stash. That part does not work for me. Still 21% cash.

    Consuelo reiterated his contrarian emphasis at the end. i try not to follow the crowd, either. If the names I own are not instantly recognizable, that's ok with me. No one bats 1.000, but I hate it when I pick a stinker. As mentioned elsewhere, I unloaded a stinker just the other day. I did it despite the "Strong Buy" still in place from the two Analysts which cover the stock. JRSH. Then I bought TS and it went DOWN for 2 days. Kiss of death: I buy. That's all it takes. ORK.
  • All the more so, then.
  • beebee
    edited September 2023
    Discover the state of the municipal bond market post-2022 interest rate surge! Munis had their worst year since 1981, with a -8.5% return. Yields doubled from 1.03% to 2.63%, causing record outflows of $122 billion. Join us with muni bond expert Robert DiMella, Co-Head of MacKay Municipal Managers, as he shares insights on market recovery and tax-free opportunities. What are the opportunities and risks in the tax-free market now?

    Two tax managed funds that remain in my bullpen (funds I follow) are:

    Both funds offer (50/50 allocation) to stocks and bonds by managing taxes with a healthy allocation to muni bonds.

  • Sept 9 Episode:
    Is the 60/40 Portfolio Is Obsolete?

    The traditional 60/40 portfolio of 60% stocks and 40% bonds has been a staple of investment advice for decades. But in 2022, it failed to deliver the goods, declining about 16%.

    Mark Cortazzo says that the rapid rise in interest rates has caused a “massive change” in fixed-income returns. This means that traditional safe assets are back, and it’s time to reset portfolios.

    Cortazzo discusses the massive reset in returns and what it means for investors. He also provides tips on how to realign your portfolio for the new environment.

  • edited September 2023
    Was that one current? A few references made me wonder. But it does sound relevant and on-point. Thanks, @bee. Surprised his one suggestion at the end (A standard question from Consuelo) was CDs. Because rates are higher now. Rather than some Market instrument.
  • This week's episode was originally broadcast on August 04, 2023.
  • Earlier this year, Romick delivered the keynote at Morningstar’s investment conference, reflecting on his 30 years of successful investing across multiple cycles.

    We asked Romick to share insights and lessons learned navigating major crises like the tech bubble, financial crisis, COVID crash, and 2022’s meltdown. Interestingly, he believes Crescent has survived by “first considering what can go wrong.”

    Hear Romick’s wisdom on defensive investing, managing risk, contrarian thinking, and preparing for an uncertain future—a rare chance to learn from a legendary investor.

  • edited September 2023
    FPACX has done well in 2022 and is doing very well YTD. However, it continues to see outflows (no monthly inflows since 2017!). I am sure he is doing alright with $9.4B AUM and >1% ER for FPACX.
  • Sept 23rd
    Navigating Medicare:
    Medicare expert Katy Votava shares tips on how to get the most from your Medicare coverage and avoid costly mistakes.
  • Too late? I took it at 63 and do not regret it. Made my life easier and better, combined with a few other decisions.
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