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.
China does a great job stealing our military technology (see j-31). I'm sure they could steal our other technologies just as well.
Moreover, China has the patience to play the long game; something the US or US companies struggle to do.
I can't speak to whether they act as a true fiduciary or not; but I think TROW is well above average, even if they are publically traded.
I think Vanguard, D&C, possibly Tweedy, FPA, IVA, and FMI are at the high end of the fiduciary scale. TRO…
@rono -- interesting perspective. I think we are continuing to screw the pooch on this, and am 30/70 on us having a vaccine by Dec 31. If one exists by then, it could well be from outside the US. I think it's going to be uglier here at home than o…
Market down a good 4% at noon on Wednesday on news of more outbreaks. Extraordinary Popular Delusion #2,368: just because I wish it to be so doesn't make it necessarily so.
If you don't trust the people, why hire them and then repeatedly keep them around in the first place?
I think What Jeff needs to keep in mind are the enormous childcare burdens some families face, and the role that education plays as day care in th…
As part of not letting Netflix takeover my life, I have just finished The Underground Railroad and The Nickle Boys, by Colson Whitehead. Both have given me a new appreciation of the varied, ugly forms of racism and oppression blacks have had to end…
@LewisBraham: not for nothing, but when the COVID recession hit, I think banks should have "paid America back", by being forced to endure a mortgage holiday.
To your larger point, with which I largely agree, the broader issue we have is a cultur…
@FD100: my wife is actually in PRWCX, so I read Giroux's letters (I like his contrarian, market-sceptic, value-tilt; for sure he's no market-indexer).
I'm pleased that when Marks' sees ambiguity he labels it as such. Oakmark / Harris have done …
@MikeM: I like Marks' letters. In general I like a healthy dose of skepticism and common sense, and Marks brings that. Also like the letters from Buffett, Romick, and Horizon Kinetics. I'm thinking of subscribing to Grant's.
@FD1000: I fail to see how one could read that memo and not take away his recommendation to rotate out of safe havens and start playing offense; that this is in fact a good time to buy, and that one should not be too hung up on buying at the exact …
@davidrmoran: if you are lazy, then I must surely be irredemiable. In any event, I do not have the time to pull those numbers either.
However, when I was younger and had more time (but less money to invest) I did a set of analyses comparing histo…
Riffing on @LewisBraham responding to @FD1000: 2001 dot-com specialness -- a lot of "top" companies got to the top and....
In the short run, the market is a voting machine; in the long run it is a weighing machine. Belief in that principle (as we…
Some jumbled thoughts on bonds and portfolio construction:
I swapped my pure corporate bond funds for a global bond fund about 3 years ago in my Roth account. Since the Roth can sit idle longer than my traditional 401k and therefore has longer to…
I would take much of the news coming out of China with a grain of salt. Same for tales of rapidly scaling quality PPE.
This is not to say that I'm not extremely disappointed in aspects of our own response, including the so-called leadership and co…
So, David, question for clarity: the noted averages do not take into account volatility, do they? So I higher average return strategy might have a lower cumulative return. Correct?
I'm expecting massive sell-offs. Since I'm using RPHYX as a near-cash substitute, I want to know if he gets hit with redemption fever, how much actual cash is on hand versus "in 30 days" cash.
Like the suggestion that he's picking up 5% yields on …
Defer for sure; but I was thinking expunge as a way of injecting $ into the system. And, it's not like the banks don't owe the American taxpayer for 2008.
Whether or not people use the saved $ wisely is another matter, but we'd have the same issue…
Seems like a smart idea would have been to declare a 3 month holiday on all rents and mortgages. Takes pressure off small businesses, alleviates anxiety, and probably easier to manage than all this other stuff.
Good to know; I almost called today to check my balance. Yes, there are a lot of good opportunities out there -- issue is whether or not funds can stay liquid longer than people can keep their stuff together.
There are some legit disaster scenario…
This is odious, and should be highly publicized.
In the end, I'm an equal opportunity cynic when it comes to politicians. I really don't think DEMs in their own way are much more pure than REPs; or vice versa.
@LewisBraham -- kids do generally think they're immune and immortal, and Millenial exceptionalism may be a confounding factor here...and COVID19 was initially noted as only really impacting the old. Toxic brew for foolish stuff.
Tweedy's fee is high, but they (like a precious few others -- see Royce & Associates as Exhibit A) are a true fiduciary. if your manager can keep you out of one or two major downturns over the course of an investing lifetime, they're doing a gr…
I like the guys at Tweedy. Sensible, thoughtful, been around the block. My wife has money in their funds (I take a bit more risk, but still like what they stand for).
The only Oakmark fund I never got is OAKEX. Seems to be a perpetual laggard with little to recommend it.
I hold Oakmark (as well as D&C) so that I can readily allocate between funds in market downturns. They have without a doubt hit a rough p…
