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Thanks, Ted.
I have a small chunk of discretionary funds in energy that I've been trying to decide to pull the trigger on or not. Not really sure how much longer to hang on. But this is insightful, thanks.
D.S.
David & Derf -- thanks.
I'm in OAKEX at the moment, but am divesting, now that I'm in GPROX (I know its not the same thing). Greatly respect Oakmark (use them in Roth and taxable), but can't figure this one fund out (Herro's quarterly commenta…
I'll repeat my question from the other day -- for all the respect that Herro garners, and the great job Oakmark does overall, why is the Oakmark international small cap fund (OAKEX) so lackluster?
My guess is that sensitivity to criticism of his human frailties, age, and a shrinking asset base have Mr. Gross off balance. As Mike Tyson observed " everyone has a game plan until getting punched in the face." Mr. Gross has had a lifetime of acco…
They're pricey; aside from that, I think the Tweedy crew is one of the few fiduciaries out there.
My sentiments exactly. I like this investing team.
I would have a higher % of my portfolio with them if their expense ratios were quite a bit lower…
David,
I commend you and your team/colleagues for another great commentary. Greatly appreciate this site, and all the work you (plural) do.
Charles, you're a class act.
Cheers.
D.S.
Rjb112 -- Bruce was ALWAYS on the money shows or in the trade press chatting himself up and taking a victory lap. When shareholders called him on it, especially since AUM were ballooning. Bruce's retort was that all of this made for an extremely eff…
What shim my faith in FAIRX more than his portfolio moves was: (a) the number of really odd personnel issues he has had over the past 10 years, his judgement in this regard has been spotty if not poor at times; (b) his traveling road show schtick at…
How about examining fund stewardship by plotting growth of AUM vs. actual expense ratios paid by investors ? Looking at the latest annual report for MFLDX, this would clearly reveal poor fund stewardship by the manager and the fund board of directo…
Wow. Good on TROW. Wife is in it, she'll be pleased.
Of course, you have to wonder what "subject to certain exceptions" means. Basically, anyone who opens a TROW brokerage account can buy as much PRWCX as they want?
Another Tweedy, Browne product:
http://quotes.morningstar.com/fund/tbgvx/f?pgid=hetopquote&t=TBGVX
I think I'd call TBGVX more of an international fund than global. It's American holdings are quite limited. FMIJX would be similar. But TBHDX,…
cman, great comments.
For the record, I don't think Knowledge@Wharton is a peer-reviewed article as much as it is one of these new varieties of pseudo-academic "Popular Psychology" journals that keep popping up from time to time.
@ Shostakovich: Over analysis is paralysis, there a hundreds of excellent balanced funds, buy one.
Regards,
Ted
Ted, I certainly don't need you muddying the waters here with logic, thank you very much. :-)
David -- thanks; will have a look (am already in FPA).
The issue I think I would have in going with the ETFs you note (as I understand them) is that they do not reflect any value considerations with respect to the proportion of the portfolio alloca…
Seems kind of strange that his 1Q2014 fact sheet compares his fund graphically to the S&P500. I know that he also makes the comparison to the MSCI World Index in a tabular format, but given that the graph is much more accessible to most people,…
"Family risk" depends on the family.
Structurally, each fund in a family is independent with a custodian. So, neither the family ownership nor a fund manager can harm across the family directly...
The biggest "family risk" is sudden outflow of mo…
"Family risk" depends on the family.
Structurally, each fund in a family is independent with a custodian. So, neither the family ownership nor a fund manager can harm across the family directly. I consider a single fund risk to limit my investment …
Vert -- agree. I should have mentioned that. FPA, IVA, and FEagle have all been quite dubious of the grand experiment now underway. I should have called greater attention to the fact that in spite of their persistent reservations, the cash positi…
There are a handful of managers I guess I would trust to act as true fiduciaries. The managers of the above-named funds are probably as good as one might find in that regard, with some quibbles.
FPACX's AUM is growing (but so is its analytic staf…
Hi Guys,
Every so often, I test my writing style by visiting the “Fog Index” website to measure its complexity. I just now did so for my post that cman challenged in detail. The Gunning Fog Index awarded my posting a 12.15 score. That’s equivalen…
I was trying to be too fancy, maybe. I was attempting to point out the difference between consumption and consumerism, which is endemic. The sheeple, generally, are pretty stupid about this, as you said.
"Part of the problem, some economists say, i…
Excessive Funditis is a function of: ego, greed. Both are rampant and bad for investors. Royce is my poster child of fund companies that have let such forces run amok.
Few indeed, are the fund companies that act as true fiduciaries (IVA? Tweed…
So I guess my question is -- if interest rates rise, and provided the companies who have issued the bonds don't default or go bankrupt; the money that is lost is opportunity cost and inflation costs; correct (provided I don't have to sell my shares …
Anne Gudefin has managed PATHX since 4/10/10, that news ?
I'm a bit less "company sensitive" than some people on MFO, but I've gotten to the point where I'd say consider staying away from Pimco's stock funds.
...but why? Bill Gross is dynamic and…
I used to like Royce funds for small-value investments 10-15 years ago (late 90s to mid 2000s). Now they are just a mutual fund business that is putting their interest in gathering assets (an collecting fees) ahead of their shareholders' interest of…
