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Opened a position in QQMNX today. No trade fees at Schwab which was a pleasant surprise so I purchased additional small lots too with the small cash positions I had in a few retirement accounts.
Cliffwater used to be an institutional investment advisor before they got into the retail game. They manage the widely used Cliffwater Direct Lending Index.
Strategy is pretty straightforward -- direct lending/private credit for CCLFX and CELFX. CP…
My benchmark for measuring opportunity cost is VWELX. I look at various relative metrics in the 3 month to 3 year range + Sortino to determine whether I stay or exit. At this time, I'm still invested in MRFOX.
@BB
I have to admit that I am puzzled by your disappointment at this fund on the basis of a single data point -- 6 month returns.
Here are the metrics I see(per PV) and why I continue to hold. The 25% cash position does not bother me and I'm comfo…
The last few messages on this thread have been very educational, tks to all who contributed. I have a similar system as @FD1000 but have high confidence that I'm much less proficient. That said, I do decent on my goal of beating VWELX (either in abs…
The future possibility of any manager beating a relevant benchmark is near impossible to predict. If that can be done at scale with a high hit rate, the poster would not be on this forum! Buffett and Giroux are the exceptions and not the norm. There…
Sell timing is a challenge for me too. I personally rely on various relative metrics in the monthly update for MFO Premium (SMA, 3,6 month performance, etc..).
It isn't perfect of course but works reasonably well for me. Certainly worked well for …
CBLDX is 40% investment grade and 55% high yield. Curious to know how this can be a comparable to a MM or CD where principal is (almost) guaranteed.
Personally I would consider CBUDX as closer to a MM because 75% of holdings are investment grade.
Tech companies today are the Standard Oil / Ma Bell equivalents of a past era. These are now gargantuan monopolies that will choke any emergent threat and can only be controlled through forced splits.
Some will get snapped up but he most promising will try to avoid it....no one snapped up Google, MSFT or CRM when they were start ups. I will let my fund managers pick the AI and utilities winners. They have access to information I do not.
The di…
@Balu
The sordid details are in Reddit link below. There are several Reddit threads covering the issue. Gist is that Fidelity uses non standard definitions for commonly accepted terms on a wire form such as "FFC". I got docked twice for $40 and hav…
@larry
Ty for sharing your experience. I hear you -- Schwab and Fidelity both have their upsides and downsides. Here is how I see them.
Schwab: Reps are polite, broader selection of mutual funds, real bank, ATM fee rebate does not require a new acc…
@Balu
BOA is terrible. I still have an account there but abandoned active usage of it many moons back. I'm happy with Discover Bank. That said, I'm leaning towards switching to Schwab and Fidelity only for all banking related needs. All bill pay is …
@msf
Thanks for the Zelle experiment with Fidelity debit card. Good to know. Still a little inconvenient because Zelle is directly integrated with my other banks (no need to download Zelle app)
Ty @msf and @David_Snowball
I was placing a LCR buy order this AM (teeny position just to have it on my radar) but I noticed the bid size to be 12. This combined with the small AUM makes it too illiquid for me.
LCR is about 60% in Equity vs. LCORX at about 80% (as of Aug 6) a divergence that is interesting. Is it possible that between Aug 6 and today LCORX has slimmed down 20 points on equity to match LCR?
- Fidelity does not work with Zelle. Zelle can only work with bank accounts and Fidelity is not technically a bank whereas Schwab is.
- Fidelity CMA offers free automatic overdraft which I do not believe Fidelity Brokerage account offers.
@Devo
LCR YTD performance at 5.82% does not jump out at me in view of the below YTD performances
Kinetics Global: 41%
Calamos Global: 31%
SPE: 21%
QSPRX: 20%
CPIEX: 26%
COAGX: 21%
QLEIX: 20%
@Hank
I was using VBIAX as an example of a passive 60/40 because it can be bought vs. an abstract index. I have a brokerage account at Vanguard but with no holdings because I abandoned Vanguard many years back. VBIAX is available at Fidelity (for a…
@hank
Thank you, very helpful detail on your assessment criteria. To your point, everyone has different buy criteria(makes a market). By no means was my comment intended to ask anybody to defend a holding of LCORX, it was intended to learn from othe…
Over the period Dec 2000 to July 2024 here are some select stats comparing LCORX to VBIAX (my standard go to benchmark, debatable on whether one size fits all benchmark is appropriate but I do it for convenience). First number for all of below is LC…
Slimming down holdings sprawl, aiming to get under 10 core investments. Sold JAAA, SPD, GENIX, QRPIX, FPADX, FTIHX, MPV, TLT.
Reduced BIVIX and TRAIX to a minimal level to keep a "foot in the door"
Increased ZROZ and started a new position in INTC…
The debt crisis could affect us in 30 days or 30 years(or more). Nobody really knows and futile to build an investment strategy around that.
CA earthquake (The Big One) is a good analogy.
