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.
@msf: Thank you for posting. IMHO I think D&C are an intellectually honest group. They revamped their process following the poor performances in 2009. Are they lights-out; infallible? No. In my book they seem to be a reasonable option in m…
@Edmund: but doesn't everything look expensive; and isn't the stock-bull case that stocks are the nicest house on a shabby street? Where would you put money to work right now? My personal bet would be international and global bonds. But who the …
GMO has always been a tough firm to figure out IMHO.
And Grantham is more than bearish, he literally always seems to be on the verge of claiming that the world is going to end.
"Three sigma, three sigma !".
Some interesting stuff there.
On one of his points: Buy low cost index funds -- sure, paying less means you keep more, etc., etc., etc. But how does that address the allocation problem, which drives a great deal of one's returns? I generally pay…
@expatsp: good question ... especially since I am in the middle of a portfolio re-organization (for myself and my wife) to better reflect how likely we are to rebalance and etc. !
Some background...
In general, before I buy into a fund, I do a lo…
@LewisBraham: its been an odd ride with Bruce, hasn't it? I say this as someone who is a current FAIRX shareholder. Believe it or not, I've actually been more concerned by Bruce's personal qualities than his investment approach per se.
There was…
It will swing back, you wait. I find D&C surprising, since I imagine they have pretty good investors. FAIRX was a M* darling and he wasn't media shy, so I'm not surprised he got hit with outflow-itus.
Here's the thing about Bruce: he's kind of getting what he deserves right now.
When Bruce was made Morningstar Investor-of-the-Last-Quarter-Century (or, whatever it was), he was jumping out of his skin to keep taking in new money. There wasn't an…
@BobC - what do you think of the new bond guy they brought on at Osterweis (Valatu?)?
Also, any insight as to what's behind their adding funds in the past couple of years when the performance of their stock / AA funds has been a bit lackluster?
Th…
@Mark: TBHDX is supposed to avoid sector concentration; it also deviates slightly from a pure value orientation in pushing the envelope (albeit conservatively) on yield. It is a type of portfolio they have managed before for separate portfolios, a…
Slightly off-topic, but, on the subject of dividends...
Seems Tweedy, Browne's Worldwide High Dividend Yield Fund continues to disappoint. Anyone have any insights here?
If BB faces challenges managing a deep value fund in a risky environment, part of it may be due to his own grandstanding (was there a financial show that Bruce refused to appear on during his heyday...?). Bruce got called out on it during sharehold…
My wife and I have substantial amounts of our retirements with TIAA-CREF. We're actually wary of the firms' recent moves. The problem is TIAA-CREF has both non-profit and a for-profit shops. Seems like the latter is driving an asset grab, even as…
A lot of nonsense from the hagiographic contingent.
Charlie Munger makes a pretty good case for the talent wasted by the suck of engineers and scientists to Wall Street when he laments over all the useful and enduring stuff they could actually do…
@David --
Thanks for your great work as always.
Still not quite getting the love for BBALX, relative to the client base and culture at Northern Trust. Yes, the fund is outperforming its benchmark, but also has a downside capture ratio of 102%, wi…
Skeet (and others) -- what are your thoughts on international? They've been generally flat for 10 years or so, save for emerging markets. Does it make sense to allocate much to international at all anymore, and maybe just go with EM as a volatilit…
You should see DC. A lot of low-calorie rubbish going up. Row houses meant to support a single family being carved up into cheap, 6-unit buildings. Dingy units with bars on windows, warped floors,
I'm thinking of Ken Heebner here, when after his great year, he want Hedgie and started a side gig; before folding that side gig into CGMFX (I think it was).
I read the first three sentences. Vintage Gross. Rambling, self-centered. Reminding me of yet another reason I don't care for the guy. Honestly, Bill: just put your sunglasses back on and go about burning out another investment team and shut up …
I am a longer-term owner of OAKEX (as well as OAKBX). I bought OAKEX at a time when it was one of the few international small cap funds still opened. It has consistently underwhelmed. I do believe OAKIX has done much better relative to its peer g…
Maurice: I find the Brexit thing highly interesting from a macro-sociological perspective. Indeed, we have been cursed to live in interesting times.
I do think there will be opportunities in international stocks. What was the figure I heard on B…
BobC, slight hijack -- any more thoughts on OSTFX? Seems to have struggled of late as well. Function of John's changing role, or holding cash and being out of sync with markets for a couple of years? Most of the Osterweis funds seem to have lagge…
@Crash: totally agree. And, FTR, Warren owns a modest home in Omaha; but also owns other properties. That said, I have heard it said that he has never bought a new car. Go figure.
