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Hi all, Thank you for the responses.
Shostakovich. Good point. I was just trying to say that Morningstar used to think highly of Berkowitz, Miller, Royce,... (at least if my memory serves me well; say prior to 2008). However recently, Morningsta…
I used to own NQP and bailed a few months ago thinking that interest rates were going to go up. Boy was I wrong. I bailed way too early. However at this point, I don't see much value in bond/muni funds. However, interest rates could go to zero a…
Thank you Sven for your response. I used to own T. Rowe Price small-cap value but bailed due to assets under management. However, assets under management ($9.6 bil as of August 11 2019) do/did not seem to affect performance (4 stars and rated bron…
Some fund managers have been able to turn it around after suffering during 2008 such as Bill Miller, Ariel management, Dodge and Cox management, Bill Nygren (I think he suffered in 08),... Unfortunately, many have not: Berkowitz, Longleaf partners,…
maybe you and I can go to the same therapist and get a discount as we have owned some bad MFs. Unlike Bill Miller and John Rogers, FAIRX and CGMFX have not done well and continue to underperform the market very badly.
According to morningstar, the expense ratio of CGMFX is 2.45% and assets are down to $494 million which means that he has been selling a lot. I briefly owned CGMFX in the past but bailed as the fact that he trades a lot was a huge negative. I stil…
So a while back, Foster wrote an article saying that for a ~ 20 year horizon people need to load up on Chinese equities (or something along those lines). So that may dictate where him and his team will be investing. I know that FPIVX (not an EM de…
I got to say. I fell for this one. Thanks to Big Tom and Old_Skeet for setting me straight. I was concerned as I am a fan of this site but don't contribute much in terms of discussion.
Hi Ted, sorry to bother you but the link didn't work for me. I was able to find the Chuck Jaffe show, however I was not able to find Andrew's interview.
I also think that Bernanke mentioned that interest rates will remain low during his lifetime.
https://www.reuters.com/article/us-usa-fed-bernanke-insight/at-big-ticket-dinners-a-blunt-bernanke-sounds-theme-of-low-rates-idUSBREA4F0OG20140516
Thank you Chip for your reply. I have submitted the MFO info to the company I work for. We shall see if they approve the match. Happy Holidays and New Year to all the people at MFO (along with all the posters); all your work is appreciated. ET
I buy directly from Seafarer to qualify for institutional shares with monthly direct deposit. It doesnt help with statement simplification. You can always contact them, they are very good with responding to inquiries
Hi David, Any explanation for the low insider ownership (from SAI dated 8/2016) by the fund managers? Wynegar $50,000-100,000 and Johnson $100,000-500,000. Thanks.
actually a more plausible scenario is for fairholme to go through the same scenario as third avenue credit fund. Another 1 billion out of the door and he may have to start selling illiquid assets. Good times.
Almost $1 billion under management. Hopefully it is not hot money which will bail at the first sign of underperformance. I am assuming that Andrew knows how to handle so much recent inflows.
VF, so I am not an expert but here is my thought. FAIRX owns preferred. So if preferred won't pay a dividend, my guess is that it is worthless and was priced as such. However, FAIRX and others bought preferred a while ago hoping to sue the gov an…
VF, investors such as Berkowitz, Ackman,.. were suing in order to get the gov to restore dividend (or something along those lines). The gov won in this case and will keep all profits (for now, we shall see). so stocks got creamed. FAIRX owned mos…
email I got: Fairholme has been receiving inquiries about yesterday's D.C. District Court decision regarding Fannie Mae and Freddie Mac. I want to make sure that all shareholders have the relevant facts.
While we strongly disagree with the court's c…
Hi David, I wasn't aware that Third Avenue real estate has a new manager. Last I checked Winer and Wolf were lead portfolio managers. I think that Winer might retire at some point but I wasn't aware about a new portfolio manager.
not really. My guess is that someone had to take the fall for weak relative performance. Selected knew about risk that AIG was taking and didn't sell the position prior to it going under. Davis mentioned that Goei has outperformed S&P since t…
it was either Lehman or Bear Sterns. One of the co that went under. As an FYI, I also own Selected American which has been suffering (relative performance) and recently fired Feinberg. We shall see. I am either patient or stupid (or both).
I will be curious to see if the portfolio changes at all. I read an article (which I can no longer find so going by memory) in the past where Marty Whitman wanted to invest in Lehman Brothers prior to it going under. I think that it was Lapey that…
