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BaluBalu
Professional Experience:
Corporate Finance (Corporate Venture Fund investments, International and Treasury finance, Public Debt issuances, M&A, Joint Ventures, Planning, Business Divestures, SEC filings);
Policy and Legislative & Regulatory Affairs - Washington DC;
Capital Markets - London and NYC;
Commercial Bank Lending;
Field Biology.
It is a concentrated portfolio and feeling today the massive drop in sales force price. I started a 1% position in Nov and will stop there to focus on passive funds.
When US interest rates come down ($ should come down), US small caps should perform; do I need international?
Did anything at Grandeurpeak change, causing you to give them a second chance? Fool me once and all. Edit: misread ticker in Mike's OP.
@Sven, why were they discussing transfers to Fidelity on Boglehead forum. As in, what was the context? I thought Boglehead is like a church, you do not talk about other religions there!
@BaluBalu- thanks for the info. Re job experience vs learning, speaking for myself I was always learning something new, right to the very end. And I was regarded as "the guy who wrote the book" at our shop.
Being good at one’s job includes ability t…
@BaluBalu- I'm a little confused by "if there is no fees being charged, then you know for sure it is a new issue", because I frequently buy secondary Treasury issues at Schwab which show "No Fee" on the trade ticket. That would seem to suggest diffe…
@MikeM,
I spoke with a fixed income veteran at Schwab.
They do not list new issue Agencies separately. If something is offered at par, you can guess it is probably a new issue. Then on the trade ticket if there is no fees being charged, then y…
Its not a fad if people keep believing it will keep them safe (it wont).
I know. I am starting to learn how big a role BELIEF plays.
There is probably demand for these products, given GraniteShares had some successful idiosyncratic entries. M…
@hank,
May be you did not intend but mentioning Felix could give the impression to others that today's discussion is another needless caution, as many associate Felix with lost opportunities. But I hope no one, except deft traders, in this forum…
NICHX was -4.00% yesterday. Doesn't look like a distribution, timing wise. Maybe a price misprint (NAV error)?
I checked a few sites and they all show a down day. If an error, it must originate from the fund itself
GraniteShares filed to issue “Yield Boost” ETFs which would write covered calls on leveraged ETFs. Is that a sign of peak for the covered call ETFs fad?
It is strange the oil patch is seeing so much M&A as if they want to get all the M&A activity before the elections. While the rest of the private sector is struggling to get past FTC. May be we will see Standard Oil again!
@MikeM, None of the big brokerages I have access to, no fees is charged for Treasuries, New or Secondary. I did not look into why, as that is not important to me.
Based on your reply yesterday, you bought the secondaries below par. As you find ou…
Thanks, Guys. I did try that way and New Issues is not a choice available for Agencies. But under Bond Type there is a choice for Recently Issued, which implies secondaries. There is a transaction fees for secondaries. I tried to speak with a fi…
@MikeM, I only see the following at Schwab under the heading New Issues:
New Issues
Treasury Auctions
New Issue Municipals
Retail Notes
Mortgage-backed Securities
I do not see Agencies in this list. Are you able to help? I will call Sch…
Yield to call on bonds trading under par will always be higher, because it adds the percentage difference between purchase price and call price to the “yield” of the bond itself.
Bonds trading above par can have a yield to call less than coupon yi…
Bought a callable10 year Federal Agency bond in my Schwab IRA, yield 5.97%. Yield-to-call is 6.175%. First call is 2/24/25, which I assume will happen.
I've been playing the same callable game as @BaluBalu on these bonds, and they do readily get ca…
@Sven,
You are right. About tomorrow's auction, I inadvertently missed the stuff above the memorial day row. The 2 year looks tempting, given a lot of inflation data releases around the world next week.
@Sven, I do not recall seeing new issue non-callable Agencies in the past two years. I suspect, if they exist, the spreads over comparable Treasuries would be miniscule (10-20 bps) and may not be worth chasing such Agencies, especially because of t…
Thanks, guys.
If Yahoo omits a brokerage and the fund is available at that brokerage, then I would be concerned about using Yahoo Purchase Info. Otherwise, it is the best we got.
@yogibearbull,
Thanks but I do not see the platforms / brokerages where different classes are available to purchase. That was the useful information previously. While tickers for various classes is appreciated, we could get those also from the fu…
Thanks, @stayCalm.
M* used to have a tool / tab that listed all the platforms / brokerages where different classes of a fund are available. Is that tool still available?
There are two main risks in this fund
- Manager skill at picking positions and risk management (concentration risk)
- MTM pricing. This fund has an external auditor but an investor is relying on manager judgement and integrity for Level 3 pricing.
…
P.S.: if I do not address a post to a specific poster means I am just talking to myself.
Sure. But when you talk to yourself on the internet, anyone can butt in. :)
Sure, of course. When I open a window, I can not expect only fresh air will come i…
I have always used recommended grade synthetic oil, even though my car manual requires regular oil. I just pay more to allow me to be lazy! (My car is 24 years old.)
When we are done beating up on PVCMX, take a look at CRDBX. This too can test your patience. We are in a beta eats alpha time. So, if you want beta, go for it but you can not look for an alpha edge and then worry about lagging SPY. If we do no…
Why do the newer cars tell one when they need to change oil? My Dad’s car, 12 years newer than mine, has not told him to change oil in the past two years. My car manual does have time bound oil change schedule but I have ignored it when I found ou…
@msf, I do not travel or drive much, even when I was working, though my job allowed one to live on planes. I drive so little that I have not changed oil in my car in 5 years. I bought a few plane tickets on the Costco Citi card in the past year. I…
Thanks, @rforno
@Level5,
All good. I only buy new issue Agencies, which are available at Fidelity. Yes, Vanguard does not offer those. I do not buy secondaries in Agencies because I get enough entertainment from equities, not to mention the tra…
What do other absolute return funds use for benchmarks?
Since no one answered in 12 hours, I will venture - from memory I think it is 3 mo T-Bills index. Basically, cash.
The fund's own use of benchmark was in JD's post from yesterday. That is wh…
Wait for the registration documents. If you do not like what you see in there, plenty of fish in the pond. Above all seek @Junkster guidance at that time.
Capital and KKR are planning a series of hybrid funds that will invest in both publicly and privately traded assets. The first two strategies, expected to launch next year, will hold about 60% in public bonds picked by Capital managers, and 40% in …
