Though it's painful to see this kind of performance, it's refreshing to see a manager admit mistakes were made, describe those mistakes in detail and then say what actions have been taken to ensure they won't happen again:
https://vulcanvaluepartners.com/core/uploads/2022/08/VVP-Quarterly-Letter-22.06.30.pdfI've spoken to a tremendous number of money managers and they so rarerly are willing to do this, and to me it's a sign of managerial strength, not weakness, to acknowledge what went wrong and seek to correct it. I think there is a tremendous amount of overconfidence in the financial services industry in general, and that leads to errors, and a refusal to admit them.
Comments
Trying to enjoy the ride, Derf
A point often overlooked by many investors.
As far as going “off the reservation” is concerned with non diversified EMs, I always think back to hearing Sir John Templeton remark that it’s very rare for any country’s market to fall more than 50% and stay down that far for long. (In specific he was addressing a rout in the Asian EMs back than.) In that day Sir John would have found an economy down that far a lucrative investment target. However, a lot has changed in the 25-35 years since he made that remark. May not hold water today.
Kudos to @Crash for sticking to his guns.
Great insights from @LewisBraham. Much appreciated.
I'm glad for your message.
You're correct. Saudi Arabia = 38.67% of the portfolio in TRAMX. It's the biggest single-country bet in that fund. Saudi National Bank = 8.08% of its portfolio.
Prince M.B.S. is a filthy skunk. A murderer, in fact.
https://en.wikipedia.org/wiki/Mohammed_bin_Salman
https://en.wikipedia.org/wiki/Assassination_of_Jamal_Khashoggi
And do women in that country still possess the right to even drive a car? The Saudi ethical record is dreadful. I do feel besieged, trying to invest ethically. It almost can't be done, even domestically. Wifey is just back from The Philippines. The voters in that country are at least as stupid as voters everywhere else: they elected Ferdinand Marcos' son as President. And now there is a move afoot to change the name of Manila's airport. It is known as the "Ninoy" Aquino International Airport. You may recall that the elder Marcos personally arranged the assassination of Ninoy as he walked off the airplane which brought him to Manila, back in August, 1983. And Israel is running an apartheid state, and still occupying Palestinian land in the West Bank--- doing all they can to see that a viable Palestinian State never happens. Between the Palestinians themselves, there is a huge credibility problem in the leadership. And Burma? "Fugg-ed-about-it." Africa is a mess, too. I try to be ethical. But if I wanted to remain pure, I'd never be able to invest a dime, anywhere. The Human Condition.