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WealthTrack: Guest: Paul McCulley: Prescient Thought Leader

FYI: This week’s WEALTHTRACK guest is legendary bond trader, Federal Reserve watcher and economist, Paul McCulley who spent many years in the top ranks of bond giant PIMCO. What financial forces does he see gathering now?


  • I'd like to hear some suggestions of open-ended mutual funds that invest in European stocks and/or real estate and hedge in dollar terms. Thanks in advance.
  • Jim0445 said:

    I'd like to hear some suggestions of open-ended mutual funds that invest in European stocks and/or real estate and hedge in dollar terms. Thanks in advance.

    This is an ETF, not an "open-ended mutual fund", but it shouldn't make much difference for many investors.

    WisdomTree Europe Hedged Equity ETF (HEDJ)
  • Thanks, rjb112. My 401k has a brokerage link option that allows me only to use open-ended mutual funds, not ETFs. (I noted that McCulley recommended the ETF HEDJ.)
  • @rjb, great recommendation on HEDJ.
  • For large cap: PRESX, VEURX, FIEUX (and perhaps, FNORX)
    Small Cap: OSMYX (though international, but 65% Europe)
  • bumine, Are you sure the funds you mentioned hedge for foreign currency risk? I just checked one and this is what M* says about VEURX's exposure to foreign currency risk: Like most of its peers, the fund exposes investors to foreign currency risk. As a result, it may offer a hedge against a decline in the value of the U.S. dollar relative to the euro and pound sterling.

    I haven't checked the others yet but it sounds like VEURX is unhedged.
  • Try TBGVX, I'm not sure exactly what their hedging policy is but I believe it's discretionary. They've definitely been hedging for the last year or so. If you can live with a big chunk of the exposure being to the UK and Switzerland then you'll get a lot of Europe and an experienced management team.
  • I owned TBGVX in a previous lifetime. I'd have liked to have kept it. I don't think they've changed the mandate. It is always 100% hedged back to the USD. The UK and Europe is over 78% of its portfolio.
  • McCulley knows what he's talking about, but he almost reminds me of someone for whom you're dying to finish his sentences for him. Too much dope in college? Consuelo Mack is clearly getting his to walk the line and move along. A bit bothersome. But this regular feature is indeed valuable. Thanks, Ted.
  • Bob & Ray!
  • edited April 2015
    Wealth Track is a very good online program. I have the podcast automatically downloaded each week for perusal. Consuelo was not one of my favorites on CNBC but she fits very well in this format.
  • Crash:: You link didn't take, so instead here's Wally Ballou !
  • So funny. Can you make GLASS with cranberries? Meanwhile, the world is coming to an end behind that crack reporter, Wally Ballou! Cranberry shortcake. YUM!
  • When one is foretold of wisdom coming this way, I wonder why so few partake of the knowledge that is so freely given. On a board of many --- why, I wonder.... If the other PIMCO man or the man from the midwest spoke .... how this thread might look. Maybe it's common knowledge he speaks of that only a few do not know of. Thank you, Linkster, for a great post! the pudd
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