Halls of Shrewd'm / US Policy❤
No. of Recommendations: 5
Looked at FPA Crescent the past couple of days. I have massive respect for Romick. There have been moments in the last 30 years where he has put up index trouncing returns, but over the 30 years he is a bit behind, likely more than a bit due to taxable distributions.
It's a hard game. He was on wealthtrack this past month.
The point of this post and would love to see if ppl have thoughts on who actually beats the market over the long term. Very very few imo.
Having said that, at this point, all of my tax lots of Berkshire have recently taken the lead over the index, this may not be a permanent situation. Berkshire, still is as worthy as ever as a candidate to compound at 10% and beat the mkt.
No. of Recommendations: 5
'The point of this post and would love to see if ppl have thoughts on who actually beats the market over the long term. Very very few imo.'
Agree! I've consistently read and heard 90% of professionals cannot beat the index over a decade or beyond. Given 1% or so professional mgt fees, I said no thank you many years ago. Fidelity does offer a Private Wealth manager who I meet with annually and readily answers questions without fee.
I would be curious what % of folks on this board manage all of their investment assets?
No. of Recommendations: 0
"I would be curious what % of folks on this board manage all of their investment assets?"
I do and always have. Currently only hold Berkshire and Google. + cash
No. of Recommendations: 0
"" The point of this post and would love to see if ppl have thoughts on who actually beats the market over the long term. Very very few imo."" Ron Baron, Steve Cohen.
No. of Recommendations: 8
I would be curious what % of folks on this board manage all of their investment assets?
I manage all ours without an advisor. I do use ETFs and funds, and Berkshire.
I've tried to show some family and friends how they can do it themselves and save a percent or two, with little success.
They're too scared, or too lazy to learn, or believe the markets are a casino rigged against them.
These same people do like the real casinos, though, and play the lotteries. Go figure.
No. of Recommendations: 5
' I would be curious what % of folks on this board manage all of their investment assets?' Buffett won the bet that the best and brightest hedge funds guys couldn't beat spy. He now refuses to disclose the ten year performance of T and T, an admission that they haven't been able to beat spy, despite benefitting from the, Buffett bounce. I retired in 1992, if I put half my $$ in brk and half in spy, in 1992, and told my cable provider to put a parental block on ALL financial information, and never made another trade, my net worth would be substantially higher today. Not to mention all the additional time I would have had to donate my time to the boys and girls clubs in my city. You young kids should give that some serious thought. GL.
No. of Recommendations: 4
"I've tried to show some family and friends how they can do it themselves and save a percent or two, with little success.
They're too scared, or too lazy to learn, "
I have had the same experience. They also want someone to blame.
No. of Recommendations: 2
I have had the same experience. They also want someone to blame.
Yes, good insight.
I had a lot in a "value" mutual fund in '08. They re-opened the fund to take advantage of unprecedented opportunities.
We were down 60% a year later.
I did blame the managers, but even more so blamed myself for thinking those managers knew what they were doing.
They ran a concentrated value fund and ate their own cooking. Sounded good...
They did know what they were doing - taking 1% fees from rubes like me.
Now lagging the S&P500 since inception 4/8/87.
No. of Recommendations: 1
I would be curious what % of folks on this board manage all of their investment assets?
I and my wife manage all of our assets. We don't trade a lot, so not that much work to do. We also have the private wealth manager at Fidelity and talk to him about twice a year. But it turns out our risk tolerance is higher than his, so it's either equities or cash for the emergency fund.
No. of Recommendations: 1
Fidelity does offer a Private Wealth manager who I meet with annually and readily answers questions without fee.
I have not found fidelity's free wealth manager at all useful. They are not a fiduciary, and their job is to try and get me to have fidelity manage my money for a fee.
No. of Recommendations: 12
Mark, I couldn't agree more. Fidelity is a great house to park my stuff, as well as at Schwab for my 401k, but every time I have that yearly checkup where he is required to make the call, I feel a bit uneasy. He usually begins by offering the casual compliment as to how well I've been doing vs the index with my tactical acquisitions of BRK over the last few decades (basically, I'm a buy and add, and buy and hold kinda guy). I call that seductive praise the Fidelity setup pitch'could either be a change-up, slider or curveball. Next comes the sneaky high cheese up and in the zone. That is, the conversations kinda goes like this: 'But Ray, I can turbocharge your return a bit more I think and put you in a few good dividend stocks with excellent yields which will hold their own for years to come. I'd like to also suggest reevaluating your over concentration in Berkshire. Warren is good but have you seriously considered successorship issues?' My first retort is, 'but I don't need the income on dividend stocks, nor do I want to add to an already high tax burden in retirement!' Then I ask him, as a proposed incentive, if he would be willing to pay off the millions of dollars in taxes from the embedded gains and the interest free loan I'm getting from the IRS, if I were to liquidate my Berkshire and turn over the proceeds to him?' That usually shuts him up. 'Thanks for calling, but I'll talk to you in another year when you're obligated to check in on my financial health again.' 😉 😂
No. of Recommendations: 10
"... suggest reevaluating your over concentration in Berkshire. Warren is good but have you seriously considered successorship issues?'
I had essentially the same response ("but isn't Buffett, like, really old?") with one of my senior colleagues once, when somehow it came up that my self-directed 401(K) was mostly Berkshire. My colleague's money was handled by a golfing/Rotary buddy of his, who was a broker for Fidelity or similar.
I gave a softball answer along the lines of Well, I think he's probably got a few more years in him, and changed the subject.
This was in around 2000-2001, when BRK.A was around $60-65K iirc.
--sutton
still has that A share
No. of Recommendations: 10
"but isn't Buffett, like, really old?")
No escaping the fact that that gets truer every year. I'm not sure how people expect the cash machine to come to a screeching halt when he is gone, but that seems to be the perception of some.
I have no clue how the market will handle it. Perhaps they'll realize that Apple didn't fold with the passing of Jobs. Perhaps they'll sell off and give us a remarkable buying opportunity. Heck, I don't even know what I'll do, but I can imagine liquidating numerous assets to buy if the price is right. After the dust settles, I may want to lighten up though. Maybe I'll just do what Jim tells me to do :).
