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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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Wealthtrack - Weekly Investment Show



  • beebee
    edited October 2023
    October 7th Episode:
    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.

    Complete link:

  • 10/14/23 Episode:
    The political, demographic and policy headwinds causing China’s economy to slow and possibly unravel with serious repercussions for the world’s economies and markets.

  • 10/27 Episode:
    In a world where stocks have been the go-to asset class for income and returns, bonds are making a comeback. That’s the view of Mary Ellen Stanek, Co-Chief Investment Officer of Baird Advisors and President of the Baird Funds, who says that the Federal Reserve’s aggressive rate hikes have made bonds more attractive to investors.

    Stanek argues that the rapid rise in interest rates has created opportunities in the fixed-income market, as bond yields have increased to their highest levels in years. This means that investors can now lock in higher yields for their money, which can provide a valuable source of income and diversification in a volatile market.

  • +1.

    Thanks, bee!
    Is this one fresh and up to date? Or a re-run?
  • beebee
    edited October 2023
    @Crash. It appears to be aired recently.
    WEALTHTRACK Episode #2018 broadcast on October 27, 2023
  • edited October 2023
    Thank you @bee. Very timely indeed.

    Stanek manages Baird aggregate- and core-plus bonds. Additionally, she stated that bonds could get 7-8% total return on Baird’s base case. She favors short-intermediate duration bonds. She thinks the Fed is near the terminal rate. Muni bonds are compelling (potentially 8%) for high income investors and live in high tax states.
  • beebee
    edited October 2023
    Sounds like we need to identify a few good muni funds.
  • Crash said:

    Too late? I took it at 63 and do not regret it. Made my life easier and better, combined with a few other decisions.

    How were you able to take Medicare at 63, I am given to understand you get to take at age 65?

    I seem to have lost track of this thread.

  • edited October 2023

    mmm...this is what Stanek said on Dec. 9, 2022...."we think bonds are back.” and similar to what she said days ago. What would happen if rates continue to rise? (hint=bank loans)

    And what BCOIX,BAGIX managed by Stanek made since the above date? it lost (-3%) and (-3.8%). See the chart(
  • BaluBalu said:

    Crash said:

    Too late? I took it at 63 and do not regret it. Made my life easier and better, combined with a few other decisions.

    How were you able to take Medicare at 63, I am given to understand you get to take at age 65?

    I seem to have lost track of this thread.

    Oh, yes. You're right. I took SS at 63.
  • Nov 4 Episode:
    In this exclusive interview, he talks about his deep value, contrarian approach, his current strategy, and the lessons he’s learned over the years.

    Berkowitz’s Fairholme Fund was once a top performer, returning better than 13% annualized returns in its first decade. But it has since lagged the market and become extremely volatile. Today, 82% of the fund is concentrated in one stock: The St. Joe Company, a Florida real estate developer and manager.

    Berkowitz reveals the highs and lows of his career and shares his insights on value investing, contrarian thinking, and the future of the markets.

  • He married St. Joe long ago. Too big a bet on one horse.
  • 80% is nuts! Why not just buy St. Joe stock without this middle man?
  • Nov 10 Episode
    James Grant, Founder and Editor of Grant's Interest Rate Observer, joins us to discuss the history of bond market cycles and why the dramatic rise in interest rates that began in March of last year might have ushered in a prolonged bear market in bonds.
    Grant argues that bond yields have trended in generation-length periods, with each cycle lasting at least 20 years. He believes that the bull market in bonds that began in the early 1980s has now come to an end, and that we are now embarking on a long-term period of rising interest rates.
    Audio Version:
  • Nov 18th Episode...Part two:

  • beebee
    edited November 2023
    The M* "Thrilling" 31 Mutual Funds (This is a 2022 List...2023 requires M* membership):
    This is an updated version of an article that originally appeared in the July 2022 issue of FundInvestor. Russ owns POAGX, RPMGX, VPCCX.

    It’s time once again for our popular Thrilling 31 feature. As you may recall, this is a list I generate with a few simple, strict screens to narrow a universe of 15,000 fund share classes to a short list ranging between 25 and 50. It’s purely a screen; I don’t make any additions or subtractions. So, if your favorite fund didn’t make the cut, it is because it failed a test, not because I hate it.

    The basic idea is that with so many funds out there you can be choosy. It’s better to be choosy by setting high standards on the most important factors rather than screening on a lot of minor data points. I emphasize fees, the Morningstar Analyst Rating, long-term performance, and fund company quality.
  • November 23 Episode:
    Two leading municipal bond managers, Duane McAllister and Lyle Fitterer, who oversee Baird’s award-winning suite of municipal bond funds, including its 5-star, Silver-rated Baird Core Intermediate Municipal Bond Fund, present a compelling case for muni bonds.

  • edited November 2023
    Baird muni funds are attractive in the tax-exempt fixed income category.
    They have low expenses, are team-managed, and Baird is an admirable firm.
    A different team (headed by Mary Ellen Stanek and Warren Pierson)
    manages the firm's taxable fixed income funds.
  • Dec 1 Episode:
    ClearBridge strategist Jeff Schulze discusses why the U.S. economy has not slipped into recession, and the stock market continues to rally.

  • Dec 9th Episode:
    -Next week's guest David Giroux
    Ed Hyman’s insights peaks as he’s consistently ranked Wall Street’s top economist for 43 years. Last year, he tracked the Federal Reserve’s tightening policies, predicting a slowdown in inflation and warning of a potential recession if credit conditions tightened further.

  • edited December 2023
    This week with David Giroux - will listen to it later. He has been too much in the media in 2023. Hopefully, he is keeping an eye on the ball. PRWCX trailing FBALX YTD. I do not even know who manages FBALX.
  • Giroux = contrarian as ever. Back to seeing yoots as an interesting moneymaker these days, again. He describes how the fundamental landscape has changed over the course of several years for the yoots.

    (" What is a yoot?" ---- Fred Gwynn.)
  • David Giroux delves into investment opportunities in sectors such as utilities, healthcare, and industrials, emphasizing the significance of a longer time horizon for successful investments. Join us as we gain valuable insights from David Giroux on the transformative power of AI and its implications for investment strategies.

  • Thank you @bee. I actually don't view these too often, but I had to listen to Giroux.

    Some interesting relevance to recent posts here at MFO around, AI, AI used in Health Care, high quality junk, a 5 yr outlook on their stock picks (GE for an example finally paying off after 3 years), maybe time for HC, industrials and utilities in 2024 (I've noticed some here mentioned selling their HC holdings and disparaging utilities after 2023 underperformance).

    But the biggest thing I learned, his name is pronounced Gir-ooh, not Gir-O, which I've always called him:)
  • edited December 2023
    Here is my takeaways and I comments in square bracket:
    1. Giroux shows his contrarian and opportunistic investment style again. His 5 year perspective on stock selection helps to buy tech stocks at “GARPy” prices as he terms it, and trimming them as their prices get high [ risk reduction ]
    2. His discussion on how healthcare and utility sectors are compelling to invest today make sense. [ take patient and knows his stocks well ]
    3. He ignores the macro pictures in favor of stock and bond selection. [ other TRP economists are overseeing this picture]
    4. He thinks the BB, BBB and bank loan bonds are attractive. [Historically, PRWCX invests over 10% in bank loans and some junk bonds. Also the fund hold some long treasury and high single digit % in cash. ]
    5. His takes on AI investment is spot on and he is investing for stocks that can benefits form the future improved efficiency. The fund appears to pass on the expensive hardware-centric AI stocks. [ that is an example of his secret sauce as a fund manager ]
  • beebee
    edited December 2023
    Andrew Foster, a renowned portfolio manager and founder of Seafarer Capital Partners, shares his insights on why emerging markets are no longer a growth story. Foster emphasizes that the investment case for emerging markets lies in individual companies rather than countries.
  • edited December 2023
    In the past, emerging markets were a growth story with companies that were often of mediocre quality.
    The overall growth in EM countries has decelerated with some notable exceptions (India, Vietnam, etc.).
    Conversely, the quality of companies has improved.
    Due to deglobalization trends, Mr. Foster believes that EM equities will not be as tightly coupled
    with U.S./developed markets in the future which will increase their diversification benefits.
  • First time I've heard him actually speak, in a conversation. Impressive. But I dumped Seafarer several years ago. And all the attention in China? Nope. Politically, by my own standards, China is uninvestable.
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