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.
Wife and I own many D&C funds. They obviously have a value tilt, and tend to stay fully invested. I don't expect a smooth ride from them, but I do expect them to act as true fiduciaries. I like the fact that they don't do marketing and have a…
I can't believe that with the resources Templeton has, and their history of global investing, that this fund will be another FAIRX / CGMFX.
I don't mind a contrarian (value investors generally are) manager, and waiting for one's ships to come in, b…
VintageFreak -- I wouldn't go that far. Royce had some very good funds. Zaino's was great in certain situations, so was Dreifus's. Beyond that however, a lot of copy-catting, flooding the market to see what sticks, misleading and selective benchm…
Thanks, Joe; it's nice to be noticed, and nice to be missed.
Super busy at the day job; barely have time for bit of fun like posting here. Royce is easy fare, however, and a personal cause of mine, because their flim-flam is such easy pickings.
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Grew disenchanted with Chuck & Co some time ago. Wife and I still hold RYSEX, but not for much longer. The copy-catting was always a thing for Royce, but they had a few standouts. It's gotten worse under LM. And, as I've called attention to …
Agree JoJo -- I feel uneasy about this. Hope they're not going the way of Royce, Fairholme, etc. Land grab with the resulting distractions, tapering performance, etc.
Sometimes enough is enough.
@ET91 -- not fair to directly compare Bruce Berkowtize and Miller to Royce, I don't think.
Bruce just began drinking his own bathwater -- made bizarre moves with regard to fund staff and friendships, and wanted to grow that sucker and was on TV all…
I work with a great deal of Millenials in a technical environment. While they are strong and savvy in many ways that I don't think my generation was, my sense is that their spending habits and early career trajectory expectations are unreasonable. …
@hank: yes we are. We really are. It's all part of the hyper-consumerization predicted of late capitalism. Well, and Millenials demand it, at the same time that fund companies need to find ways to keep members of this skeptical, identity-politic…
Hard to know what to say here. I don't find these arguments especially compelling.
I mean, yes, we know AI is here and it's going to take over the world. I don't see AI customization creating 150mm separate portfolios for 150mm separate retail in…
Humility is under-rated, especially in the current generation, it seems.
Bogle was a man of character, and a constant reminder of the Yankee values my parents and grandparents tried to instill in me.
I didn't always agree with him, but always li…
They need to put some more gas into Oakmark International Small Cap first !
Harris, don't tell me you're going the Royce route...I think I'd just about lose all faith in humanity.
I liquidated in the spring.
Truth is, I should have bailed when Bruce started taking in new investors at a prodigious rate, and doing every Bloomberg, etc., interview he could claiming that "it was the most effective way to reach his fellow shareho…
@carew388.... too true. They really chase the AUM, especially since the LM acquisition. Wife and I still both hold RYSEX, but I've already put together an exit plan.
In my experience, micro-cap funds are tricky. I owned Royce's for a while and was underwhelmed. But, I might have a knack for buying at the wrong time... :-)
@MikeM: just like Royce (well, sort-of...Royce was always a fan of rolling out a ton of stuff just to see what stuck).
I almost went into M&N funds, prior to the "transformation".
Stuff like this is all to common (remember Excelsior Funds…
"special equity" means "the price will only go up". Only a special equity fund can make this promise, which makes the funds pretty special in their own right.
Footnote to history, the above specialness is the reason Royce considered renaming RYS…
Act like a pig, get slaughtered.
Andrew Gelman linked to an article by a female statistician / data scientist about the piggish goings-on at academic and professional meetings. As you can imagine, it was revolting.
In the end, I am an equal opp…
Could never understand why Oakmark International Small Cap (OAKEX) was so lackluster in comparison.
Also not sure how much longer Herro will be at this game; but Harris Associates seems to have a pretty deep bench and a sound process.
Whatever happened to Manning and Napier. Used to be one of those hidden gem fund companies that no one had ever heard of, that had a good analyst bench and really decent funds. Now it seems they're deviating from their original model -- another fu…
TBHDX has also lagged big time.
What I find a typically M* in all of this (aside from the fact that my wife owns both TWEBX and TBHDX) is that yet again M* is all over the map.
The facts are: (1) Tweedy is a very stable organization (they tout t…
I remember seeing an interview with the portfolio manager once. He was asked why he held GE in the stock portion of the portfolio...he looked blankly into the camera for a few minutes than blathered on about, well, nothing; revealing that he in fac…
@carew388: Missed your question from back in July -- FWIW (since so much has changed since then). I use Templeton Global Bond, and TROW's offerings (mostly because of where I have other monies and employer plans). Not a maven by any means. Also…
I have been slowly rotating out of US stock funds into domestic balanced funds. Keeping most of foreign stock fund holdings. Putting a bit more to work in international bonds.
In this case, mainly because he never just comes out with a call ("foreign sovereigns look like the place to be the next 15 years or so", "everyone thinks Treasuries are going up, but oil prices tell a different story so we're positioning ourselves …
