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.
Support MFO
Donate through PayPal
Rondure Global Advisors 3rd quarter 2022 commentary
I have long wondered if there is any good poetry about Wall Street. Geritz's poem here, by her own admission, doesn't quite cut it. Here's one allegedly by Edgar Allan Poe:
Epigram for Wall Street
I'll tell you a plan for gaining wealth, Better than banking, trade or leases — Take a bank note and fold it up, And then you will find your money in creases! This wonderful plan, without danger or loss, Keeps your cash in your hands, where nothing can trouble it; And every time that you fold it across, 'Tis as plain as the light of the day that you double it!
Here's another by a poet named Lola Ridge:
Wall Street at Night
Long vast shapes... cooled and flushed through with darkness... Lidless windows Glazed with a flashy luster From some little pert café chirping up like a sparrow. And down among iron guts Piled silver Throwing gray spatter of light... pale without heat... Like the pallor of dead bodies.
I have had a modest investment in both Rondure funds since their inception. I've enjoyed reading Laura Geritz's commentaries and have understood them. This new one is causing my eyes to glaze over. I would have preferred plain English. The second paragraph is nearly impenetrable by the likes of me, an ordinary investor, not a professional in the financial industry. The third paragraph is so laden with secret code that it rivals a well-done parody in its opaque incomprehensibility. Here is its final sentence: "To be clear, the ECB has yet to use TPI, relying first on geographically assymentric purchases under the existing PEPP program." "To to be clear"? CLEAR?
I'm in agreement with @Ben. For my money (and Ms Geritz has none of mine), I would have preferred to read about specific stocks owned by the two funds and why investors haven't made a nickel since Rondure's inception. I think we get enough macro-economic analysis in print and in electronic media. Fund managers ought to tell us why we need their expertise and how they deployed their skills in concrete ways.
I still would like to read more Wall Street poetry. Anyone got an ode, sonnet or elegy that's good and not just versifying they'd like to recommend or share?
I'm in agreement with @Ben. For my money (and Ms Geritz has none of mine), I would have preferred to read about specific stocks owned by the two funds and why investors haven't made a nickel since Rondure's inception. I think we get enough macro-economic analysis in print and in electronic media. Fund managers ought to tell us why we need their expertise and how they deployed their skills in concrete ways.
This is on point. Maybe I'm missing something but I don't see why the world needs another fund company with, apparently, a grand total of around $200m in AUM (after five years in business) which doesn't even count as a drop in the bucket. Seems more like some kind of vanity project.
@sfnative It's worth debating the value of emerging market funds overall or Geritz's poetry, but she has an excellent track record as a manager in this fund category: https://morningstar.com/funds/xnas/rnwox/performance It just happens to be the case that emerging markets overall have been terrible of late.
Sure, I can see that one of her funds has performed well on a relative basis (the other not so much), even though the returns are puny. I'm too ignorant to pick winning stocks so I'm in no doubt she's more competent than I'll ever be. The OERs on these funds exceed their annual returns. When a fund manager is making more, in aggregate, than a fund's investors that sends up all sorts of red flags for me. In my world, that's not "excellent."
When a fund manager is making more, in aggregate, than a fund's investors that sends up all sorts of red flags for me.
The same can be said for almost every actively managed bond fund manager in the last three years, thanks to this year's terrible performance, yet most investors think bonds, and often active bond funds, are worth owning. Still, I agree fees are too high in general in the active world.
Comments
Epigram for Wall Street
I'll tell you a plan for gaining wealth,
Better than banking, trade or leases —
Take a bank note and fold it up,
And then you will find your money in creases!
This wonderful plan, without danger or loss,
Keeps your cash in your hands, where nothing can trouble it;
And every time that you fold it across,
'Tis as plain as the light of the day that you double it!
Here's another by a poet named Lola Ridge:
Wall Street at Night
Long vast shapes... cooled and flushed through with darkness...
Lidless windows
Glazed with a flashy luster
From some little pert café chirping up like a sparrow.
And down among iron guts
Piled silver
Throwing gray spatter of light... pale without heat...
Like the pallor of dead bodies.
"To be clear, the ECB has yet to use TPI, relying first on geographically assymentric purchases under the existing PEPP program."
"To to be clear"? CLEAR?