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Devo
TIPS pricing has improved compared to 1-2 months ago. Nothing quite like Ibonds unfortunately.
in MFO Premium, once you choose Emerging Market Funds, you can choose Group > Country Info. All of the portfolio weights by country show up. You can sort in any order you wish.
Private real estate has too much friction and illiquidity. Paying 1% management fee + 12.5% over 5% hurdle is a perfect product for advisors. Bond like returns, opaque pricing, low mark to market volatility. Meanwhile, the public real estate is to…
My guess is one of the foundations is selling $1 billion Berkshire every morning at 930 am every day this year. I don’t think munger Buffett believe in buying anything here. Will see how the market evolves. Animal spirits are full on preventing sani…
@Derf, Real Yields on Inflation Bonds went from 0% to -1% and thus the price of bonds went up (yields down = bond prices up). Will try and attach a chart if I can figure out how to do that.
Inflation bonds receive "coupon" from 2 factors: Real Yield embedded in bonds bought + CPI performance. While Real Yield is paid out in Cash, real yields have been low last several years. Negative in fact. On the other hand, CPI led coupons get accu…
Since nothing is really safe as described earlier, let’s try and assume there is possibly something. German t bills? Apple or Exxon short term bonds? It’s usual difficult to buy such optionality. Difficult in buying and selling. Tax consequences. As…
As a group, we investors spend too much time investigating products, and not enough time understanding our own needs and risk appetite. Simple and proven passive products are fine. Don't get confused in all the unnecessary arguments.
https://www.ft.com/content/5b4bd18f-cc40-4542-a025-6190f898a406
"Wall Street finds a tax silver lining in down market
Banks are helping wealthy clients to sell investments at a loss to lighten their bills
"
In the MFO, on Sunday.
In The FT today.
…
Some newer structures can, from time to time, be useful. Most innovation is not. I'd agree that it pays to be very careful touching unknown GMO and WMD in individual portfolios.
There was an article on tax loss harvesting in this month. FWIW, today was the day when I cleaned house and did a lot of TLH. It was a satisfying exercise. I urge you all to look at your portfolios closely. there must be low hanging fruit.
On Interval funds, I think they deserve more attention. The fact that one is able to indirectly buy private assets of some kind while still having some access to exit liquidity is not a bad feature. This is quite desirable because private assets, wh…
I am sorry I missed this thread earlier about Bluerock and that I mentioned it in my July column. I wasn't making a case for buying the fund, but more along the line of, "here is a real estate fund that's actually up on the year."
I too am curious…
Yet another way to decide if TIPS are interesting is to look at the Break Even Yield.
1yr 3.99
2yr 3.45
3yr 2.99
5yr 2.75
7yr 2.47
10yr 2.37
30yr 2.24
What do these numbers mean? The 1yr 3.99 means that the "market" expect CPI_U to be 3.99% over …
I have written on TIPS earlier for MFO in the Feb issue. Here is the link:
https://www.mutualfundobserver.com/2022/02/thoughts-on-inflation-protection/
The 1st tool for inflation protection and the easiest one is Series I bonds. Each American tax …
The best tax treatment will be when you buy muni funds from your state of residence if you are a high state tax resident. If you are looking for the highest muni income, then you are looking for a High Yield muni fund. List is long for either but ne…
Yes it works for FCNTX. Have you been able to make it work for Fidelity Growth Company, Neuberger Berman Large Cap Value Fund (I think was previously called Partners Fund) and Primecap Odyssey funds for the older dates?
Thank you Mark. Can you please post for everyone's benefit the steps you took to pull up this page. I still don't know how to pull up the data you seem to have found. I am missing 1999 to 2006 dates.
Charles, this above what you write is the underlying framework. Pessimism sells. Far more writing and research will always be done on what's not working. That's ok, because maybe we progress as a species. Status quo meanwhile continues to do all the…
Jamie Dimon is a brilliant bank manager. He has however little record of any of his investment calls being right! If I were him, I would be constantly creating panic too. That's the only way you can influence other banks from bidding up assets too m…
Picked up some apple on Friday when I found I couldn’t take it anymore
But "it" I mean the constant drum of negativity, end of the world articles, and its cumulative effect on me which called for an afternoon nap yesterday.
These are some good funds to watch for in the current market. Thank you. The trouble I have is anything thats doing well in 2022 is basically a function of Value Stocks + short term treasury bills. To have held that position coming into 2022 you had…
I have thought about these BRK problems too for a long time as a shareholder. On the optimistic side I feel:
1. Apple after Steve Jobs didn’t feel like it would be able to carry on. But strong institutions have a way to last and thrive will beyond …
