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2017-10-19

  • LwC commented on Robert Abbott's article 10-19 17:17
    John Hussman: Hedging and Opportunity Costs
    How patient should we retail investors be with the long-depressed returns of some investing gurus? One essential ingredient in the value investing...
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    LwC 10-19 18:17
    • “And yet, after all that, Hussman might have been a stock-picking guru.”

       

      Mr. Abbott, the Comparison of the Change in Value chart that you pulled from the HSGFX prospectus is interesting. Thanks for posting it.

2017-10-17

  • LwC post a new topic 10-17 09:42
    Fall 2017 Graham & Doddsville newsletter
    Columbia University Value Investment Program has published the fall 2017 Graham & Doddsville newsletter at the following URL:https://www8.gsb.columbia.edu/valueinvesting/sites/valueinvesting/files/Graham-Doddsville-Issue-31_0.pdfIncluded is...
    Comment
  • LwC commented on Holly LaFon's article 10-17 09:16
    Longleaf Partners 3rd Quarter Shareholder Letter
    In the third quarter, we compounded our shareholders’ capital across all four Longleaf Partners Funds. Performance gains, however, were somewhat...
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    LwC 10-17 10:16
    • Mr. Macpherson: FWIW I agree with your comment about Southeastern management. A number of years ago I bought a minimum investment in the Longleaf Partners Fund, when it opened to new investors after being closed for some time. I recall that I thought that their performance up till then had been pretty good, beating a broad market index fund on average by a couple of points.

       

      My idea was twofold. First, I had intended to increase my investment in the fund over time; and second, I was hoping to eventually get access to their (then closed, and maybe still closed) small-cap fund, which as I remember had an above average performance history that looked quite attractive.

       

      Well, I never did make any additional investment because the performance of their Partners Fund since then has been poor when compared with both their previous performance and with the broad market index funds. Also I never did see the opportunity to invest in their small-cap fund. I don’t know if they’ve opened it to new investors or not, since I long ago lost interest in making a new investment in their funds.
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