Money and Finance
- A Few Good Reasons To Hoard Some Cash Now - By Jason Zweig
The stock market is near record highs. More money came into U.S. stock mutual funds the week of Oct. 23 than during any other week since 2007. Initial public offerings like Twitter are booming. So have you considered keeping more of your assets in cash?...
- Hedge Funds Cut Back On Fees
Pressure from disappointed investors is forcing hedge funds to roll back their fees, putting the standard charge of 2% of assets under management and 20% of investment profits on the endangered list. ….. "Most hedge funds aren't worth 2/20, and...
- Are Retail Investors ‘fleeing’ Stocks? – By Jason Zweig
Make no mistake: Individual investors are selling more U.S. stocks than they are buying, as my colleague Jack Hough pointed out this weekend. But it’s wrong to rely on mutual funds as the sole or primary indicator of retail flows into or out of U.S....
- Legg Mason’s Miller To Exit Main Fund After Trailing Peers
Bill Miller, the Legg Mason Inc. (LM) manager known for beating the Standard & Poor’s 500 Index for a record 15 years through 2005, will step down from his main fund after trailing the index for four of the past five years. Miller, 61, will be succeeded...
- Advisorone Interview's Bob Rodriguez
Found via GuruFocus.Invigorated after a year-long sabbatical, renowned fund manager Robert Rodriguez, CEO of First Pacific Advisors, sternly warns that markets and the economy are threatened by the government’s tardiness in addressing fiscal reform....
Money and Finance
Interview with Rich Pzena: Opportunity Amid the Ruins
IT'S BEEN A DREADFUL YEAR FOR NOTED VALUE MANAGER Rich Pzena, whose funds lost money in 2007, while shares of his newly public management company (ticker: PZN) sank to 12 from more than 22. Blame it in part on the manager's fondness for financial stocks, which had an even more dismal year -- and which account for 40% of Pzena Investment Management's assets. Then there's a shareholder lawsuit, charging Pzena failed to disclose outflows from the John Hancock Classic Value Fund (PZFVX), which he also manages, when the firm went public. Pzena says the suit has no merit.
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If the present is trying, the manager's long-term record still stands tall. The firm's assets under management grew tenfold, to nearly $29 billion as of the end of the third quarter, from $3 billion in 2002. The $7 billion John Hancock fund is down 13% this year and has seen outflows of $1.6 billion since Sept. 30, but it sports an average annual return of 11% over five years. Bloodied but unbowed, Pzena explains what went wrong in 2007 and why there's good value now in beaten-up financials and big-caps generally.
If the present is trying, the manager's long-term record still stands tall. The firm's assets under management grew tenfold, to nearly $29 billion as of the end of the third quarter, from $3 billion in 2002. The $7 billion John Hancock fund is down 13% this year and has seen outflows of $1.6 billion since Sept. 30, but it sports an average annual return of 11% over five years. Bloodied but unbowed, Pzena explains what went wrong in 2007 and why there's good value now in beaten-up financials and big-caps generally.
- A Few Good Reasons To Hoard Some Cash Now - By Jason Zweig
The stock market is near record highs. More money came into U.S. stock mutual funds the week of Oct. 23 than during any other week since 2007. Initial public offerings like Twitter are booming. So have you considered keeping more of your assets in cash?...
- Hedge Funds Cut Back On Fees
Pressure from disappointed investors is forcing hedge funds to roll back their fees, putting the standard charge of 2% of assets under management and 20% of investment profits on the endangered list. ….. "Most hedge funds aren't worth 2/20, and...
- Are Retail Investors ‘fleeing’ Stocks? – By Jason Zweig
Make no mistake: Individual investors are selling more U.S. stocks than they are buying, as my colleague Jack Hough pointed out this weekend. But it’s wrong to rely on mutual funds as the sole or primary indicator of retail flows into or out of U.S....
- Legg Mason’s Miller To Exit Main Fund After Trailing Peers
Bill Miller, the Legg Mason Inc. (LM) manager known for beating the Standard & Poor’s 500 Index for a record 15 years through 2005, will step down from his main fund after trailing the index for four of the past five years. Miller, 61, will be succeeded...
- Advisorone Interview's Bob Rodriguez
Found via GuruFocus.Invigorated after a year-long sabbatical, renowned fund manager Robert Rodriguez, CEO of First Pacific Advisors, sternly warns that markets and the economy are threatened by the government’s tardiness in addressing fiscal reform....