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It was a good trip. If you have the opportunity, it's well worth it. The only downside is the travel: hours in an uncomfortable seat then hours on completely crazy country roads. Everything else is, for us, bliss.
Odds and ends:
The Palm Valley fund might be a sign of the end of times. Mr. Cinnamond returned capital in 2016 but promised, like some Norse myth, to return for Ragnarok. When I talked with them, their view was "not yet but soon enough." If markets ever act normally again, it would be a useful holding. If the market is forever propped up by QEs 1 - 37, all bets are off.
The Harbor ISC fund is interesting, in part because Harbor wouldn't appoint a management team with such a short public record (that is, as Cedar Street) if they didn't have a lot of reason to be confident.
The Matthews Asia Value fund is something I should have written about in 2018, after I met Mr. Zhou for the first time and thought "Jay-sus, he's really sharp." Then I met him again in 2019 and thought, "Jay-sus, I was really stupid to put this off for a year."
I also spent time with Amit Wadhwaney of Moerus, about whom I haven't written. I will say this, he's the most thoughtful and erudite guy in just about any room. We had a lovely talk about a corporate culture that stresses the importance of reading good books, and his desire to hire a philosophy major or grad student for the sharpness they've been trained to and the distinctly different perspective they'd bring to each question.
Hmmm ... there's a scary bunch of funds that will launch in September. Not sure what I think of the new Grandeur Peak fund, since they were also so clear of their "this much and no more" approach to assets. I guess you've got to change with the times, but that really was bedrock for them. I was skeptical of the EM fund, then went back and looked at the manager's record at Eaton Vance. Shortly thereafter I decided to close my mouth and watch quietly.
And, of course, just a small celebration of The Shadow. I'm forever grateful for and slightly stunned by the work he does.
So, on whole, pretty decent stuff for a quiet summer day.
They have a shrewd business model. Attract subscribers to post hundreds of images for free. Then, start charging "or lose all your images." Then, switch the posting methods so discussions boards, like ours, can't use them. Ha!
Comments
It was a good trip. If you have the opportunity, it's well worth it. The only downside is the travel: hours in an uncomfortable seat then hours on completely crazy country roads. Everything else is, for us, bliss.
Odds and ends:
The Palm Valley fund might be a sign of the end of times. Mr. Cinnamond returned capital in 2016 but promised, like some Norse myth, to return for Ragnarok. When I talked with them, their view was "not yet but soon enough." If markets ever act normally again, it would be a useful holding. If the market is forever propped up by QEs 1 - 37, all bets are off.
The Harbor ISC fund is interesting, in part because Harbor wouldn't appoint a management team with such a short public record (that is, as Cedar Street) if they didn't have a lot of reason to be confident.
The Matthews Asia Value fund is something I should have written about in 2018, after I met Mr. Zhou for the first time and thought "Jay-sus, he's really sharp." Then I met him again in 2019 and thought, "Jay-sus, I was really stupid to put this off for a year."
I also spent time with Amit Wadhwaney of Moerus, about whom I haven't written. I will say this, he's the most thoughtful and erudite guy in just about any room. We had a lovely talk about a corporate culture that stresses the importance of reading good books, and his desire to hire a philosophy major or grad student for the sharpness they've been trained to and the distinctly different perspective they'd bring to each question.
Hmmm ... there's a scary bunch of funds that will launch in September. Not sure what I think of the new Grandeur Peak fund, since they were also so clear of their "this much and no more" approach to assets. I guess you've got to change with the times, but that really was bedrock for them. I was skeptical of the EM fund, then went back and looked at the manager's record at Eaton Vance. Shortly thereafter I decided to close my mouth and watch quietly.
And, of course, just a small celebration of The Shadow. I'm forever grateful for and slightly stunned by the work he does.
So, on whole, pretty decent stuff for a quiet summer day.
David
Thank you and thanks to you, Chip, and the countless efforts of others, and of course the posters for making the Board what it is today!
I've been hoping Jing would come to their senses on this "upgrade" they've made.