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.
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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.
@yogibearbull, What is Harbor trying to accomplish? Just selling AUM? Admin shares could have been converted without going through an asset transfer Reorganization.
If the acquiring fund does not retain the NAV price of the acquired fund on the …
Larry Summers’ past actions / speeches tell you that he is not a highly objective person. E.g., he called Raghuram Rajan a Luddite. It is difficult to take seriously folks who compromise their own credibility for political expediency. Separately,…
It is human nature for people to read and quote material that makes them feel good about their own ideas (I.e., about themselves). So, difficult to give information to people that are not seeking it. I was not going to mention it but this past wee…
Fund families are always slicing and dicing the market in a rush to bring new products to the market. There are plenty of floating rate corporate bond funds. I guess state and local Govts have not issued sufficient VRDN/VRDO bonds for any fund fam…
What Vanguard did here could be legal but inexcusable. It just reeks of incompetence and I think incompetence is not illegal on this planet but lack of duty to care is. Capital gains recognized by departing shareholders can be used by the fund to …
Thanks, Yogi. It would be nice to just get MUNI credit exposure without the interest rate exposure. I am assuming there are not any inverse floater Muni funds. I could do 50:50 - inverse floater: regular MUNI funds.
PVI (Invesco VRDO Tax-Free …
If politicians, pastors, and parents do not lie, who would?
But none of these people think they are lying when they do because that is the purview of sociopaths and very few people are.
how does one go about buying the 2-yr treasury bonds? By the time we go to buy, they probably go down 10 bps in yield but still will be better than any CDs.
One risk not mentioned is ETFs tend to liquidate at the lowest popularity (worst time) for the theme on which they are built. ARKK with $17b AUM is not anywhere near liquidation. This risk is not relevant to traders but it is for buy and holders.
Those of you with good memory, could please share how (Fed, fiscal, turn in business cycle, or simple exhaustion) we snapped out of the 2015/2016 correction / bear market?
@BalueBalu - one would have to "assume" its much more than virtue signaling. These companies perceive a long-term issue with doing business there. There's been enough credit and banking disruption that it will likely take them much longer to recover…
The war is only two weeks old. With so many US / western European businesses exiting / suspending their Russian businesses, either these businesses anticipate the ever increasing Russian sanctions / trade embargos will continue for a long, long tim…
A fund that does not mark down properly may fail redemptions, which could expose the fund family and board to worse legal and sentiment risks. Russia did not have a stock market for nearly 70 years before the 1990s. There is no saying that it will…
Bloomberg Front Row Grantham interview (3 weeks old) -
Based on Jon’s summary above, I suspect Front Row interview is likely duplicative of the Fox Business video posted above.
Just dumped my primecap core and put into on PARWX.
I was debating if I should add to VHCOX. Any insight you may be able to share about the above trade would be appreciated.
P.S.: feel free to send a message if that is more convenient - I am no…
The interviewer was the source of the lackluster nature of the episode. I started watching that show only recently and I watch it for the investors / traders / money managers on the show and not for the host. After that interview, I am less certai…
The best questions in that interview are from Josh and the moderator did not give time to answer his second question but kept repeating his own hysterical softball questions for the purpose of increasing outrage / viewership - survivor bias I guess.…
I just listened to Cathie Wood talk on CNBC Half Time Report. She said more than 50% of her net worth is invested in the ARK funds. Can not say too many fund managers can claim that level of personal conviction, FWIW. (As an aside, of all the thi…
TSUMX has -ve total return for the past 6 months. For an extremely flexible mandate fund, that is doing nothing. How did its commodity exposure help. I suspect its objective to limit downside perhaps causes it to be conservative, unless they see …
Thanks @Davep.
Just adding what I learned if it is helpful to others.
It is a multi-asset, real return fund. Its current bond allocation is mostly investment grade with a big slug of US Treasuries.
https://www.thornburg.com/wp-content/uploads…
Fed's measure of inflation, the PCE deflator, released on Jan 28 showed an increase of 4.9% (excluding food and energy) from a year earlier. January numbers will be released on Feb 25.
https://www.bea.gov/data/personal-consumption-expenditures-pr…
Thanks. I have been following the spread and when it became very uncomfortable, I looked across the pond.
The UK Govt Bonds (Gilts) 2yr-9 yr spread is at 6 basis points and 2-10 yr spread is at 12 basis points. Imagine why one would buy the 9 yr …
@msf, Any thoughts on why JHDAX and JHTAX performance (TR) does not converge to JHQAX and with each other? Or we do not have enough data yet to draw definite conclusions? Thanks.
“How much do you think these guys make?” I do not have to think. I have first hand knowledge.
I will redirect to my previous statement - it is better to find managers that do a better job than others. How they invest their own money or how much …
Not a critique of anybody here -
Personally, if M* says a manager invests $1M+ in a $B AUM fund, it does not impress me. More often than not a Manager's yearly compensation from the fund far exceeds their investment in the fund. (Some fund manage…
M* revised FB fair value estimate, updated after the earnings release, is $400, signifying a potential gain of approx 75% from today's low. YMMV. I do not plan to own it.
Keep an eye out for announcements from the new firm where PRWCX and a few other legacy TRP funds are housed. I am expecting expansion of offerings - for the better or worse.
