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@catch22; What would you suggest as a replacement ?
Regards,
Ted
If I might jump in, ZEOIX, profiled by David, seems to be pretty much the same thing so far as I can tell.
I guess my reading comprehension skills are shot. So far as I understood it, Ritholtz spent nearly the entire article saying that choosing a single valuation metric was foolish, then concluded by picking a single valuation metric, justifies this by…
Generally, "limits fluctuations" would be considered a good thing in investing (else why would anyone look at something like the Sharpe Ratio?), but the author of the article dismisses it quite cavalierly. I guess he can argue the point with FMI an…
As mentioned in another thread, Gundlach is right more than he is wrong. I would take his word over a WSJ article that waffles on the question.
Output is increasing so that is good. The Saudi's hate it though. Too bad.
Oh I absolutely agree re: …
Question: Perhaps I'm wrong, but I was under the impression that Buffet no longer personally made the decisions for the stock holdings of Berkshire. He still works directly on Berkshire's acquisitions of whole companies as well as other special si…
Is the percentage of US/Foreign stocks fixed, or does it change according what the management sees fit in GAINX? Hedged or unhedged?
Looking at the SAI, so far as I can tell they're entirely flexible both ways. No limitations on the % of American s…
FAMFX is micro in market cap and quite small in size. Only a couple of years old and only holds a small number of stocks (23 last time I checked). Not too expensive, either, for a microcap fund.
If I have this right, there's a British or Irish version of GAINX whose portfolio is essentially identical, so for tax purposes the managers (British citizens, I believe) would invest in the British version. I wonder if you could ask them the exten…
I'll join the mob and say get rid of FAIRX. Nothing wrong with SSHFX, but I think I'd prefer the others. Coin toss between VDIGX and BBTEX, and I'd definitely keep YAFFX.
It may be a liquidity issue more than anything else. Perhaps the manager wanted to put some cash to work quickly and wouldn't be able to do so in some of the small cap names. I see this more as a temporary move.
Good observation.
Agreed. I've oft…
Could you please ask him exactly what those "substantial and thoughtful revisions" made after 2008 are? I've always liked what I've heard from Horn as well as Polaris in general.
I only glanced through most of this thread so if anyone has already made this obvious point I apologize, but Oregon was the clear (if not heavy) favorite in the game. If you really wanted to analogize from the game (you shouldn't) you might say tha…
The expense ratio of .99 seems rather high for an ETF. It will be interesting to see how it compares with FMIJX, which comes in at about the same expenses, hedges, is willing to go to cash, is more qualitative in its stockpicking, and looks to me l…
As someone who has read Random Walk (and also skimmed a later edition), has read a couple of Bogle's books, not to mention Swedroe's, and has read multiple interviews given by Malkiel and I don't know how many given by Bogle, I really have neither n…
Looking up the performance on DoubleLine's two flagship funds, I see DBLTX comes in at the 12th percentile ytd while DBLFX is at the 7th percentile (per M*). These would seem to be the results of those Gundlach forecasts that count as more than par…
So far as I can tell, there isn't any real difference between those two portfolios. Pretty much a 50/50 stock/bond split, dividend-paying stocks in both, mostly intermediate corporate bonds with both. I don't see any reason to bother with the chan…
AndyJ just beat me to FMI. I've found FAM to be very good on the granular level. Then there are some companies that do quarterly podcasts like FPA and Intrepid. It's nice to actually hear the managers sometimes.
I believe these miners are down around 75-80% from their highs a few years ago. Once year-end tax loss selling is over, I must admit that I'm tempted to play the January Effect with them. A lot of people must be looking for tax losses this year, a…
Everything that I've read says that you shouldn't buy CEFs at the initial public offering for the reason Ted gave, but after that they usually will trade at a discount and the manager is given a freer hand. Some other possibilities:
Hasenstab also…
It varies with the strategy. The more stocks you wish to own, the greater your capacity will be. Likewise, the lower down on the capitalization scale you wish to go, the lower your capacity will be. For example, let's say a fund wants to own 40 s…
Sorry. Intrepid has an integrity issue that they just want to sweep under the rug. Before this fund family is taken seriously, it needs to be acknowledged, disclosed, discussed.
May I ask, what is the integrity issue?
Unless there are special circumstances, I don't consider funds whose expense ratios are over the category average. New funds whose management fees suggest that their expense ratios will come down to acceptable levels in time are okay. Grandeur Pea…
I bought a bit of RSX a couple of weeks ago, really just as a value play to balance out my Asian exposure a bit. It is volatile, I'm about even from where I bought it. I'm not sure I'm comfortable putting any money into the developed world these d…
IMHO, investors should limit their investments' expenses so far as possible.
There, MJG. I make no documentation for that statement. Is that "the last stand of a promoter"? Have I conceded the shallowness and falseness of this position? Is it i…
I might add that the category M* is using is the World Bond Category, so MAINX's holdings are never going to closely track those percentages. Ms. Kong's comments on the future of the U.S. Dollar are quite interesting and I should think would count …
Even if it is in quite short maturities, you really have to trust the manager with a portfolio like that. I know he'd say that these instruments are fully covered by the companies' assets and so forth, but...
I'll give you about the wish-washiest opinion that you'll ever hear. I think they're both pretty darn safe. ICMUX has been paying a yield around 2.7% so far this year and RSIVX has been paying a yield of approximately 4.3%. My guess is that this …
In the early years of retirement, I use funds that can go all over the capitalization spectrum, so I leave the percentages to the managers. FWIW, I'm now around 15% in smallcap and about 30% in midcap by M*'s definitions.
This isn't an ETF, it's a closed-end fund. ETF's will trade at approximately the net asset value of the underlying assets. Closed-end funds like this will trade like stocks, meaning they may sell at a discount or at a premium to the net underlying…
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…
>> I devoutly believe, that all statistical arguments should be treated skeptically.
Vert,
To what point? I might bet you do not believe this yourself about, say, vaccination, winning athletes, or climate change. Also, what's the alternative …
I think, indeed I devoutly believe, that all statistical arguments should be treated skeptically. Charles made a good study, IMO. My first thought about it was that expenses seemed to explain most of it, or at least to be correlated with it, which…