Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (11) | Ignore Thread Prev | Next
Author: mungofitch Big gold star, 5000 posts Top Favorite Fools Top Recommended Fools Feste Award Winner! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 214646  
Subject: Re: Mr. Market & The Floor Date: 12/13/2012 11:00 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 4
Jim, I think you're being a bit hard on professional fund managers
with that last qualification, "... for him, not his clients."
Clients themselves have preferences about safety and consistency of returns,
and those preferences are often not the same as a pure value investor.


Though I appreciate that, in my experience as a money manager few investors
prefer to buy shares at ~$134000 rather than ~$130000 the same day.
Not even the client who enjoys smoothness of returns.
The major change was an increased price and a firmer short term downside.
It appears to me that the major beneficiary from increasing allocation
after that, because of that, is the manager rather than the client.

Of course Mr Tilson may not have all that many clients; I can but imagine
the discussions regarding the tax hit to those who had him sell out
of Berkshire and then buy it right back again when he parted ways with his partner.
Again, trading for the convenience of the manager rather than the client.

Jim
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (11) | Ignore Thread Prev | Next

Announcements

Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

Looking at Currency Ratios
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement