Mutual Funds

  • Munger in context


    The SEC Thought Charlie Munger Was Hiding A Hedge Fund In Some Newspapers

    Here’s a neat little story from Bloomberg: Charlie Munger, Warren Buffett’s long-time right-hand man at Berkshire Hathaway, moonlights as the chairman of the board of a wee newspaper company called Daily Journal. Daily Journal owns a collection of newspapers so dull that they “specializ[e] in public notice advertising,” particularly notices of foreclosure sales. It also […]

    / Aug 23, 2013 at 12:32 PM
  • The coffee is from "his ritual stop at Scooter's Coffee & Yogurt for a latte and some chitchat with employees." I JUST CAN'T.


    How Much Is Adorable Worth To You? Is It 116bps A Year?

    Among the best established facts in finance are that (1) the average fund manager underperforms his index, net of fees, and (2) the above-average fund manager is above average due to random fluctuations and will probably be below average next year. I mean, not your fund manager, obviously, but all the other ones will have […]

    / Jun 7, 2013 at 5:49 PM
  • It's certainly *possible* that one or more of these people is a mutual fund manager, and/or dapper.


    Mutual Fund Managers Get Paid For Picking Good Stocks Only When It’s Worth It

    Mutual funds are kind of weird in that they basically aren’t allowed to get paid for performance, so they charge investors a flat percentage of assets under management, so for mutual fund managers looking dapper on CNBC is often more profitable than sitting in your office researching stocks. Still – and perhaps perversely – performance […]

    / Aug 16, 2012 at 5:09 PM
  • News

    Mutual Fund Managers Have The Wrong Skills

    We’ve talked a bit before about how there’s a booming academic business in papers finding that investment managers do or do not add value versus non-managed alternatives like passive indexing or keeping your money under your pillow and just burning a constant percentage of it every month. Part of why that’s a thing is that […]

    / Jun 25, 2012 at 12:56 PM
  • News

    Trading Against Your Clients Works Best When You Lose Money

    This is sort of a strange footnote to the London Whale: one of the hedge funds that made money feasting off his carcass was run by JPMorgan*: Even as a trader for JPMorgan in London was selling piles of insurance on corporate debt, figuring that the economy was on the upswing, a mutual fund elsewhere […]

    / May 16, 2012 at 12:32 PM
  • News

    Ben Stein Prefers Mutual Funds To Hedge Funds, Feels The Need To Note He Doesn’t Support Insider Trading

    Bloomberg Brief recently caught up with Nixon speechwriter, actor and Clear Eyes shill Ben Stein to pick his brain on the state of the hedge fund industry. Stein’s thoughts? Investors are getting robbed on management/performance fees and the only way a hedge fund can beat the market is via insider trading which Stein wants no […]

    / Apr 26, 2011 at 11:08 AM
  • News

    Looking Out For The Big Guy Who Looks Out For The Little Guy

    You will be happy to know that some people are out there right now, tirelessly fighting for your rights. That is, the rights of the little guy. That is, the rights of the mutual fund investor. I mean, the rights of mutual fund managers. You get the idea. The funds argue the leverage provided through […]

    / Apr 16, 2009 at 9:56 AM

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