Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
Dont agree with his general saying that Sell the outperformers of down market and Buy the bigger down stocks ...ie switch from winners to losers ...lol . That way its like selling SUM and buying OCA ...not a good advise .
But I do get his overall point that now its becoming stock specific market so people should employ professional services of fund managers ...that theme is always advertised or reiterated by them at every opportunity ...
KFL's NTA went down by just on 10% in January, same as the market. Not worth any premium when its complete child's play to replicate their relatively poorly diversified portfolio yourself and not incur their annual fees which some years are over 3% per annum.
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
Beagle's found that old slipper outside his kennel this morning. I expect he settle under a tree and munch away all day, or maybe the rest of the summer...
If you want to see a set of financial statements that will blow your socks off - head to the companies office, search for fisher funds, and download their financial statements. Possibly the highest npat % margin you will ever find - all paid out as dividends.
Will be interesting to see what FF’s loss of default status does to their P&L over the next few years.
Guru W69 and super Guru Mr B are super negative on FPH and MFT then how will KFL perform as thats 36% of KFL ....moreover its trading at almost 10% premium to NAV ...what future investors will have in KFL if our Gurus are right ...I wonder
But still many hopeful people are buying warrants at 6 cents in hope of making money by Nov ie they hope KFL SP will be over 195 or more by then ...not possible if our Gurus are right that these high P/E stocks have no future in rising rates environment also premium to nav also has no future in rising rates environment .
Lets see what time tells us ...Me is not negative on KFL stocks but surely was and am negative on premium to nav ...always said its like buying a $ 100 note for $ 110 ...
If you want to see a set of financial statements that will blow your socks off - head to the companies office, search for fisher funds, and download their financial statements. Possibly the highest npat % margin you will ever find - all paid out as dividends.
Will be interesting to see what FF’s loss of default status does to their P&L over the next few years.
Chief investment officer Ashley Gardyne had another opinion piece in the Herald yesterday about embracing volatility and thinking long term. Read too much like a marketing piece for FF so I didn't post a link. Marlin which is the fund he's primarily in charge of has made some VERY bad calls lately. I suspect later this year once the underperformance to the market starts to make itself crystal clear the premium to NTA will be very vulnerable.
Not sure I am comfortable with 'super guru" status...more comfortable identifying with the Beagle breed that they're usually pretty cunning at finding a feed or sniffing out trouble...but no dog's nose is infallible.
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
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Originally Posted by Beagle
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