Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!

In this Discussion

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

I thought the April 2013 MFO was the best Commentary yet - anywhere.

edited April 2013 in Off-Topic
Not only did the new issue of the Mutual Fund Observer present the salient facts and features in the world of mutual funds, there was a lot of wisdom in the discussion of how the media, after the market has more than doubled, is suddenly emphasizing the bullish case for owning stocks. Thanks for your perspective.


  • Thanks for the kind words. We try to help folks stay grounded.

  • edited April 2013
    Reply to @David_Snowball: Yep - Thanks David. And that new T Rowe Price fund is one weird looking animal. Will be interesting to see type of investors or role in a portfolio they envision. Only 10% "alternative investments" wouldn't seem significant enough to keep one out of trouble should the 60% in equities falter. You also mentioned the current manager of their balanced fund will run it. That fund seems to have made up lost ground in recent years (not that it was ever a bad fund) and I've noted before they have its ER right down there with D&C. I hope he also stays on in that role as well, as might put some $$ in the balanced fund some day.

    Quick afterthought: It would appear the Global Asset fund is effectively a new "breed" of balanced funds - allowing them to get away from the traditional 40% bond component out of concerns for the extreme valuation issue with bonds today. Regards
  • edited April 2013
    I agree with Jim, great job again David. Gets better every month.

    The reason colleges find funds easier for buildings than say maintenance or tuition is because the donor get to put their name on the cornerstone! I think it is called the Donor Relationship.

    I like it too when historic buildings get refurbished rather than bull-dozed. One such project is occurring here locally with Derby Winery, which is restoring the historic Farmers Alliance building for use as their new tasting room.

    I know there was speculation about Bruce Berkowitz launching a new hedge fund, but is that now confirmed?

    Love the Stupid Pill run-down.

    For me, the issue is not holding cash so much but doing so when you are simultaneously charging investors a high ER. These days, if you are charging 1.5% fees when cash is making only 0.2%, that's hard to represents a guaranteed loss annually. We pay our fund managers to allocate capital astutely. If that means getting out of equities when they perceive them to be overvalued, good. But if their prospectus restricts employing that capital in something other than cash, aren't we better off taking the cash out of the fund until conditions change? I'll ponder some more, but perhaps one way to help is adopt an all asset, all authority fund, which can help avoid getting painted into a corner during such times.

    Speaking of such funds, Steven Romick of FPACX has indeed been impressive. And I love First Pacific Advisors' motto: investors first. But I'd suggest that hubris cuts both ways. After all, can anybody really be so confident that Mr. Bernanke's experiment will ultimately fail?

    Yes, you are right indeed to insist CBS, MarketWatch, and Investment Company Institute avoid even perception of conflict of interest. Well done.

    I added Helaine Olen's "Pound Foolish" to my reading list. Thank you.

    Have been thinking about subscribing to The Economist with my new NOOK. Will go ahead and do so.

    Did you really mean "1500 billionaires"? Good grief.

    Excellent summary of COBYX conference call.

    "out-thinking the index makers" Love it.

    Glad you called attention to the Brown Brothers Harriman potential shell game with BBGRX. Think it happens often at many fund houses.

    Finally, glad to see the profile on Whitebox's WBLSX. I'm predisposed to like this shop, but thought your assessment was very fair.
Sign In or Register to comment.