Buffet also buys entire businesses and buys controlling interests in companies and uses his management skills to generate profits. That's a bit different than an actual mutual fund, even if they also invest a ton in publicly traded stocks.

Just do a taxable account. Having a big pile of money in a taxable account at retirement isn't a bad thing at all....it let's you pull money from different tax buckets and gives tons of flexibility.

Funding a 529 without a kid / without immediate plans to spend it on your own education is dumb imo.

529 = paying 10% penalty + income tax rates on all the growth.

Taxable account = no penalty + long term capital gains rates on all the growth + ability to withdraw any time. No brainer choice.

Anybody could have picked him 10 or 15 years ago by reading MStar or Barron's or the WSJ. They were very, very, very widely known. [Let's assume for the purposes of this exercise, the novice investor is willing to educate himself at least a little about mutual funds but not become an expert, as opposed to staying pig ignorant.]

Also, your data is wrong. FCNTX outperformed by 80bps, after fees, which is more than 60% higher than your errata. Perhaps you didn't use the most recent figures? FLPSX by 70 bps.

And you're being disingenuous when the 15 year record is 230 bps CAGR of alpha. And 126 over 5 years. And 266 over 3 years. So you cherry-picked the lowest one and then made it worse.

Will Danoff was regarded as an investing genius back then and is regarded as an even better one now. Your argument seems to be the strawman I mentioned earlier 'Some guys don't always outperform,' which is obviously true.
But if you'd hand Buffett money to pick stocks for you, there's no argument why you wouldn't hire Danoff to do the same, who has even more trials under his belt and thus a higher standard of proof for his persistence of skill since 1990.

Anyone could have hired John Neff after 10, 15, 20 years. You seem to be asking for an impossible standard of proof.

Or your argument is 'No one is skilled enough to create alpha in Inv Mgmt' which is too dumb for you to believe because I know you're intelligent.

More importantly, the alpha lost by unskilled mgmt MUST be earned elsewhere, it does not vanish into the ether by very definition! All those guys under-performing before fees are giving it up to the more skilled managers. This is inarguable fact.

Even worse, you then move the goalposts from 'Beat the S+P' to 'Set the World on Fire!' C'mon man, that's some shameful ***t right there.

If you have enough money, you can hire guys that have crushed the markets over long timeframes: Paul Singer, Steve Mandel, David Tepper, Seth Klarman [who did reopen a few years back before closing again], Dan Loeb, et al. I've posted these same names, including Danoff, over and over for many years here just as easy examples. If a novice lotto-winner asked who the best HF managers were or just Googled them, Singer would always fall in the top 3 if not higher.

You ask, 'Whom should the novice investor hire that's at least as good as S+P 500 indexing?' Hire Will Danoff. That's a valid answer and trivially easy to purchase online.

Assuming retirement acc'ts there's no tax drag & you can sell the fund if he retires or gets hit by a beer truck.


All data sourced as of Friday's closing prices: Morningstar


N.b. I don't work for nor represent Fidelity in any fashion and never have.

Soros, Simons probably the all-time King, Neff did it, Dalio, Druckenmiller, Singer, there'd be a lot more off the top of my head but most guys retire/go private before then. Joel T and Danoff will be there in a couple of years. Not sure why '3 decades' would be your baseline for anything but there you go, dropping that to 25 years I could give you even more names without thinking too hard, although you would not necessarily have heard of them.

NEWSFLASH! Warren Buffett is not a mutual fund manager!!

Newsflash 2: A stock is not a mutual fund.

You're the one that asked if I thought Buffet was the only one with skills. I'm just pointing out that he's playing a bit of a different game than mutual fund managers, even if there is some overlap.

I used S&P 500 total return vs. their respective total returns. Unless there is something wrong with TD Ameritrade, the numbers looked correct.

You are missing my main point. Even giving you as an absolute fact that both of these managers are so filled with sustainable alpha that they will return annualized 5000bp over the SP500TR over the next 20 years, it is unlikely that newbies would pick their funds today even if you give those newbies their track records up to today's date.

anyone familiar with non compete law in Virginia, specifically for mental health?

Congrats on winning the prize for most bizarrely specific question in the "General investing questions" thread.

Word. I'm very curious on what a non compete would like in the mental health field? I'm not allowed to poach and counsel your sex addicts? Proprietary EST?

...and how much jurisdictional variance exists between different states?

Danoff has an impressive record. So did Bill Miller 10 years ago. An investor using the same sources 10 or 15 years could easily have concluded investing with him made as much or more sense then Contrafund. And thats the problem, you just never know.

Actually, Waymer on Fidelity Growth Company has done even better. Problem is no one knew him 10 years ago.

This is the same boring handwavery stuff. 'But whatabout this other guy....'

I was here at 2p2 recommending Danoff around 8 years ago, recommending his fund publicly online about 15 years ago. It's an easy answer that beats the index.

If you agree that WEB can beat the markets, Soros, that Singer over 40 years has crushed and buried them, Simons for 35+ years, Loeb by 15% cagr for 20+ years, there's no logical reason to avoid including Danoff at almost 30 years.

Roger Ibbotson proved that managers that generate high positive alpha are persistent. Read the white papers.

It's intellectually dishonest to pretend otherwise.

Advanced class [wasted on most here]

The average fund manager can beat the index, after fees, because of index turnover. The old Bogle truism is no longer true if the index changes.


https://papers.ssrn.com/sol3/papers....act_id=2849071



Not that you should ever invest with the average fund manager.

We already covered this two years ago: https://forumserver.twoplustwo.com/s...&postcount=403. Every fund you touted has trailed the S&P.

Berkowitz has really been exposed as a fraud, I'd say... manager of the decade to uninspired Sears and Florida-real-estate bagholder, with no particular reason to believe he's ran cold or that his strategy the past decade was any better than that of a random SeekingAlpha contributor.

loooool

Hello everyone

Maybe you have answered this before, Im a retired poker player, is it a good bet to go into some finance job work from home type thing? How many time would you say to be decent enough to start make profit?

Hey people has anyone successfully open a Schwab account as a non-US resident?

I would love to know if I can open as an European, thanks!

Anyone know where I can find every publicly traded microcap company? I'm looking at between $50m-$300m market cap.

I like FinViz's screener so I can narrow it down to microcap stocks in the US. It gives me 767 companies, but I'm not sure if that is accurate.

This might help supplement the 767 you're getting from Finviz.

i have some money in a scottrade ira. i got a letter saying its being transferred to td ameritrade. I hope this doesnt screw up my ira because i was doing super good at picking stocks with it.

It is no different.

hi brian thanks i recently got approved for a credit card too which im excited about. not that im allowed to be excited because im bryce.

Mr. Spaceman,

Depending on what state you reside in, you can now purchase weed using your credit card. If you can legally, I suggest you buy as much weed as possible and consume it daily. You will become a better person and be able to make wise financial decisions with ease. A credit card brings freedom, and freedom means nothing if you don't use it.