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the May issue of MFO is live!

David_Snowball
in Fund Discussions
Just thought I'd mention.

Highlights: Lynn writes a solid piece on tax efficient investing in an uncertain environment. The Shadow catches up on bunches of reorganizations and launches.

I've been reading the research on "quality" investing, which functionally comes down to debt-free companies with strong, predictable cash flows. Every manager has their own take and take, but the academic research is bewilderingly consistent: for investors with a moderate time horizon, this offers something a lot like a free lunch: higher returns plus lower volatility than the market. In stocks and bonds. Across industries. In the US and beyond. That led to a long chat with Rajiv Jain, who is really good at it and whose "boutique" is now managing $150 billion. (That's essentially unheard of.) I also reached out to Morningstar for some analytics.

The result were a couple pretty decent articles. I hope you like them.

Buried in the publisher's letter were a couple interesting notes: Berwyn Income is flying under the radar as Penn Mutual AM 1847 Income, this month is MFO's 12th anniversary and Chip and I got married.

On whole, a good time. Hope you enjoy!

Comments

  • Old_JoeOld_Joe
    About time! What took so long?

    Congratulations!
  • Observant1
    Congratulations!
    Also, good article regarding The Quality Anomaly.
  • catch22catch22
    Congratulations !!!
  • CrashCrash
    OMG, David.
    Marvelous news! Congratulations from me, too.
  • hank
    edited May 6
    Just Awesome - Congratulations
  • AnnaAnna
    WOW! That's great! Congratulations!!!!
  • MrRufflesMrRuffles
    Congratulations to @David_Snowball and @Chip
  • davidrmorandavidrmoran
    edited May 7
    na
  • Mona
    Congratulations David!
  • rforno
    Woot! Congrats David and Chip!
  • David_Snowball
    Thank you, dear friends. We seem well-matched in many ways, complementary in our strengths and joyful about our differences. With luck we'll find a little quiet time away this summer. After finishing the May issue, we drove down along the Mississippi River. Just south of the Twin Cities the river widens into a beautiful, placid lake that runs for miles. We could imagine a rented houseboat or cottage, a stack of books and some good wine as we enjoyed the quiet. We'll remain hopeful.
  • Old_JoeOld_Joe
    @David_Snowball - Go for the houseboat- bring books and wine. Absolutely wonderful.

    Congrats again - Dan
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