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Post by davidsherman on Jul 20, 2022 4:25:26 GMT
Please find the CrossingBridge Funds' 2Q22 commentary, "In Flanders Fields", which was inspired by an October 2021 visit to the WWI Museum in Kansas City.
I look forward to having you read (and share!) the commentary and hearing your feedback.
blog.crossingbridgefunds.com/blog/q2-2022-commentary-the-flanders-fields
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Post by chang on Jul 20, 2022 6:43:42 GMT
David, many thanks for posting this here. By the way, on a different subject, you mentioned during the zoom call, which you kindly hosted a few months ago, that you exited (or substantially reduced) equities sometime in 2H2021. Are you back in or considering getting back in?
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Post by davidsherman on Jul 20, 2022 11:58:09 GMT
If I find an equity that is compelling, I would buy. But, in general, I believe valuations have not fully priced in interest rates, costs, and general business climate. I believe profit margins will come down and have been in the top decimal for some time for an extended period. So, they trend and risk was already in place; especially as Companies need to re-institute inventory, working capital and re-build logistics to adjust away from the world is flat and just in time. Happy to discuss offline. (914) 741-9600. But, what do I know...I could easily be wrong.
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Post by Deleted on Jul 20, 2022 12:44:28 GMT
The June Tabor version of No Man's Land/Flowers of the Forest is my very favorite anti-war song. youtu.be/cWhOO9Q323YDon't know enough about SPACs to make any comments on the blog, but generally feel that bonds are for safety so anything related to high yield isn't for me. My understanding is that stocks are just a more efficient way to take on risk. |
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Post by davidsherman on Jul 22, 2022 21:43:05 GMT
Stick to what you know and are comfortable.
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Post by alvinthechipmunk on Aug 1, 2022 9:48:23 GMT
davidsherman , chang ,@django , i just read the commentary. no arguments from me. it all reads like a very sound, reasoned piece. thank you, david. And now, we might be in a bear-market rally. (Aug 1st, '22.) I bought a lot of stuff during the early-year top. It's been no fun, since then. But my junk bonds are yielding very nicely. My single stocks are not trendy big names like the FAANGs. They don't rise and fall along with Mr. Market's daily manic-depressive extreme mood swings.... I think you're correct: this is getting to be a good time to BUY. I am doing that, with the always-limited dry powder I DO have available. laughing. morningstar is busy trashing CBRDX, until you look at the chart: doing fabulously better than its peer group and the index. But the peer group might be a mismatch, anyhow.
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Post by Chahta on Aug 1, 2022 13:32:54 GMT
Where did M* trash CBRDX?
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Post by alvinthechipmunk on Aug 1, 2022 17:26:53 GMT
Where did M* trash CBRDX? Ratings: M* rates the fund's PROCESS as LOW. Then the PEOPLE score = BELOW AVERAGE. And the PARENT score is BELOW AVERAGE. "... The strategy's parent organization still has a way to go to reach the industry standard, evidenced by a bench of portfolio managers with limited tenure and high portfolio manager turnover. As a result, the firm obtains a Below Average Parent Pillar rating.....Cohanzick Management falls behind on a number of key metrics..." |
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Post by davidsherman on Aug 2, 2022 15:17:16 GMT
I was not aware and thanks for sharing. No need in fighting Morningstar; they clearly have not looked at CrossingBridge ADV and team bios. Morningstar has been very critical of us and other smaller firms as we have smaller research teams. My view is "garbage in, garbage out" regardless of team size.
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