CorpRaider

I often wonder how much of the motivation for WEB's recommendation to just average into passive index funds is due to a great reduction in the compulsion to try and market time. It seems likely that a resignation to obtain the market return, whatever that is, would eliminate many of the opportunities to make decisions and improve the dollar weighted returns for the vast majority of investors (I wonder if it would not be of a greater impact than the cost savings/advantage of the low cost index funds). I suppose if one employs absolute valuation hurdle that would make your decisions systematic, one would potentially be an exception.

Caught an interview with Seides on a podcast a few weeks back. I think it was on Patrick Oshaghnessy's podcast.

Can you talk a little about PEFIX? PIMCO/RAE fundamental index for emerging markets. Uses a Total Return Swap proxy for Research Affiliates' value weighted emerging market index and then invests the collateral in fixed income instruments to beat the Libor+spread on the TRS. Very similar to PIMCO's StocksPlus fund (also a high performing fund), but for emerging market, value weighted exposure instead of cap-weighted S&P. Was heavily overweight Brazil and mineral companies last year and was up ~50% as EM rallied. Top 1% of EM performers last year so may not do as hot this year and I've taken some gains, but ultimately I like the structural potential of returns from both fixed income and equities and its' value focus. Will probably be a long-term holding to get diversified EM exposure along with the single names I select. I used to hold that. Think I "traded" out of it at one point after a quick inconsequential gain. I'm sure to my detriment. I think I also got spooked out about PIMCO's use of derivatives generally, at some point.

Sounded like they are making a big trumpflation macro bet to me. I'm not familiar with anyone who does macro (or should i say political trump and modi-casting?) well with huge amounts of money, would be especially surprised to find macro savants amongst purported fundamental value investors.

Too much GTA.

Awesome. What is the ETA on a not horrendous spelling auto-correct?

Retail is too hard for me. I do own many through value index products.

Yeah, I really like the highlight feature. Use it a ton on certain books like the Berkshire annual reports compilation. I didn't know about the e-mail feature. I will check that out, as it would be easy to print then. I also like changing the color of the background and font. I like the salmon color and the black background with white print. I use the overdrive media app a ton on kindle and ipad (and phone) to get free library e-books and audio books. As far as papers I do digital WSJ and FT. I think I'm going to switch back to paper pretty soon for those though or either just cancel. I apparently can't get the FT delivered to my address.

Yeah these guys are setting up straw men to a certain extent. You don't have to buy the S&P 500 index. You can buy VTI or VT or IUSV or EFV. I mean I get what they are saying; yes momentum will underperform at some point.

I like my kindle a lot for books. It is not too heavy for extended one hand reading, you can change the typeface easily, is backlit so I can read at night without disturbing my spouse and I use the blue light filter. That said you can't share them and they have other drawbacks so I don't like paying more than ~$10-12 for kindle books. I usually also buy hardback copies of books I read on kindle that I like and might re-read. I don't like paperbacks as they deteriorate too fast. Don't have a satisfactory system for financials. The kindle screen is too small, ipad air and mini are too heavy, and printing is too much of a production. Seems like a crap shoot as far as getting FIDO to send me the bound 10-Ks as well.

I track that one too but am leery of the size (~$17MM), fee waiver (going to .45% in April 2017 without extension), and also don't prefer their use of projected metrics (cash flows or earnings can't remember which) as some of the literature shows and I personally believe the value premium may largely be the result of bad predictions/recency bias.

U.S. RPV (not fundamental weighted in RAFI sense); FNDB (Schwab's RAFI suite is cheaper than the Powershares one, with minor tweaks to fundamentals used); DTD (cheapest ER I've seen among these @ .28 is dividend weighted). These all have 10+ years of live result track records (the RAFI results are for other funds but same index/methodology).

Turrible writer. Just turrible.

Dunno, but there was also hope for a sale, which would likely cause one to further time discount whatever projected cash flows they were workin' wit.

I did well this year. I'm just going to post some returns for some ETFs I track (for reference and to reflect the value premium's performance this year and perhaps moderate our enthusiasm): RPV +19.31% VBR +24.90% DHVW +11.82% IUSV +18.47% QVAL +13.03% DVP +25.00% FNDB +16.56% VIG +11.97% QUAL +9.21%

RPV, EFV

Anyone working on the life insurers? I'm not well versed in the area. Guess I should stick with uh MET, as a SIFI/more highly regulated participant.

www.vanguard.com

I'm looking for a way to get long more financials but diversify a little of the BAC-WTA gains.

Nicely done!

Finished Keynes's Way to Wealth a couple weeks back. I think overall I preferred it to Keynes and the Market. It had a foreword from Jack Bogle. I believe it had a bit more biographical detail about Keynes and less sort of analysis of how Keynes may have influenced later investors (although it did have a section on Keynes's heirs where he quotes Debbie Bosanek as saying that WEB said Keynes had no impact on his investing style, which seems unlikely. Its an ok easy quick read. Had a number of sort of callout boxes with his actual portfolios at various times in various entities. I could have done without a lot of the authors conclusions and sort of edicts.

Like it. Agree. Most of the professional guys will straight up say they know X is cheap and will be good over the long term but if it sucks wind for a year or two they are getting fired.

Yes, the true outsider, with only 30 years in Congress.

Barron's had a recent subscription deal for $56 for the year. I think it is worth that.

Probably MKL