Janus Capital Group Inc. (JCG) is a global investment firm dedicated to delivering better outcomes for clients through a broad range of actively managed investment solutions, including fixed income, equity, alternative and multi-asset class strategies. It does so through a number of distinct investment platforms, including investment teams within Janus Capital Management LLC (Janus), as well as INTECH Investment Management LLC (INTECH) and Perkins Investment Management LLC (Perkins), in addition to a suite of exchange-traded products under the VelocityShares brand as well as global macro fixed income products under the Kapstream brand. Each team brings distinct asset class expertise, perspective, style-specific experience and a disciplined approach to risk. Investment strategies are offered through open-end funds domiciled in both the U.S. and offshore, as well as through separately managed accounts, collective investment trusts and exchange-traded products.
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Bill Gross is a Portfolio Manager responsible for managing the Janus Global Unconstrained Bond Fund, and all related portfolios, and leading efforts to build out Janus' global macro fixed income capabilities. He also serves as an integral member of the Janus Capital Group Global Allocation Committee focused on the expansion of Janus' global asset allocation business. He is based in Newport Beach, California. Mr. Gross co-founded PIMCO in 1971 and served as managing director and Chief Investment Officer until joining Janus in 2014. Throughout his career, Mr. Gross has received numerous awards including Morningstar Fixed Income Manager of the Decade for 2000-2009 and Fixed Income Manager of the Year for 1998, 2000 and 2007. He became the first portfolio manager inducted into the Fixed Income Analysts Society’s Hall of Fame in 1996 and received the Bond Market Association’s Distinguished Service Award in 2000. In 2011, Institutional Investor magazine awarded him the Money Management Lifetime Achievement Award. He is a renowned expert within the bond market and is at the forefront of thought leadership on the subject of fixed income investing. He is also author of the books, Everything You’ve Heard About Investing is Wrong and Bill Gross on Investing.
Mr. Gross holds an undergraduate degree from Duke University and an MBA from the Anderson School of Management at the University of California, Los Angeles. He has 44 years of financial industry experience.
Having lived in SE Asia since 2004, I realize investors must take a more skeptical and realistic view of the risks and rewards that come with investing in emerging markets. I would be the most familiar with Cambodia, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam as I have or spend most of my time in these countries.
PROFESSIONAL NETWORKING: http://www.linkedin.com/in/johnudovich (I accept all invites)
OTHER PAST FREELANCE WORK: http://jau1.elance.com (Feel free to hit me up for freelance work if you use Elance or through LinkedIn)
MY MAIN SITES: http://www.emergingmarketskeptic.com (Keep checking back here for updates) AND http://www.braingainasia.com/brain-drain-to-brain-gain-blog
MY YOUTUBE TRAVEL RELATED VIDEOS: http://tinyurl.com/oe7mujk
Jake Huneycutt is a former Portfolio Manager. Jake holds an MBA degree with a concentration in finance from Emory University. He earned a Master of Accounting degree from the University of North Carolina at Chapel Hill. He received his B.A. in History from East Tennessee State University. Jake is originally from Johnson City, TN and currently splits time between Boston, MA and Atlanta, GA.
John Cofran is a professional individual investor and money manager with 23+ years experience, and over $15,000,000 in assets under management. He is a former Pricewaterhouse auditor with degrees in Finance, Accounting and Economics from Boston College. In addition to building several highly successful private businesses over the last decade, John has also served as President and CFO of several international businesses. A value investor, currently he is focusing on high margin of safety opportunities through a variety of conservative investment strategies. John's unique discipline and experience has allowed him to produce returns that far exceed the market, his peers and most world-renowned asset managers over the last decade.
Trader, investor, researcher, writer.
I am also on a mission to promote sound money, sound credit and free market capitalism, and to campaign against an active Federal Reserve, a cartel that should return to a passive Lender of Last Resort.
Academic background in accounting; MBA/CPA/JD. Headed a corporate pension fund; served as CFO for insurance company; established title/transactional firm; served as REIT CEO; former professor; served on profit and non-profit boards; currently share management responsibilities for hedge fund; compete in professional golf tournaments. Writing background includes various briefs in federal courts, including US Supreme Court. Currently trying to finish a science fiction novel. Trading experience focused on options and portfolio enhancement. Plans to retire from hedge fund as of December 31st. Future activities will include pro bono assistance to individuals and groups in need of retirement guidance. Looks forward to more time for writing and travel.
Former banker to north american mining & energy industries and coal industry CFO. My initial training was as a financial analyst. My investment philosophy is to seek out fundamentally sound companies in industries that exhibit positive trends. Currently active in mortgage and real estate industries.
BS-Business Admin-Univ of Illinois
I am a Portuguese independent trader, analyst and algorithmic trading expert, having worked for both sell side (brokerage) and buy side (fund management) institutions.
I've been trading professionally for about 20 years and also launched www.thinkfn.com in 2004. Thinkfn (Think Finance) carries thousands of educational articles on finance and the markets.
I trade futures, stocks from the long and short side, forex and options. I trade both discretionary and fully automated systems (Metatrader, Quantshare and others).
I can be reached at paulo.santosATthinkfn.com or followed on Twitter at twitter.com/ThinkFinance999
CPA (in industry)
Long-term investor (over 20 years).Return over this period over 11 percent annualized.
I use margin when I think it is worth the risk.
Most successful investments:
Bank of America (several years ago--used margin)
Oregon Steel ( more than tripled my investment)
Massey Energy(again,more than tripled my investment)
Frontier Oil (about a double)
Calpine (before it went bankrupt).I was far too early.
Wachovia (wrongly believed in bank I thought I understood)
On balance, I have been quite successful.I have made enough to buy a home at
NC coast with profit from investing in market.
I am mostly in coal.It will be a very good investment ----eventually.
Now at 89 i'm a former poster on SA..
82 years of trading and 65 owning my own firm..
I've lived through WW2 and other bad situations in countries before I arrived in the US.
And this situation on SA has become something that has no place in the USA ~!
This used to be a great place for open chat and a great place to get valuable views on the market. Now, the site is a commercial crap trap site run by left wing progressive slime ! Nazi~like lowlifes who censor the most bizarre stuff .And, now they just found themselves a survey that hints at their view and sent me a link. #@(^!+*** ( scatological barrage)
Many of you have my personal email addresses and feel free to use them. I will always do my best concerning the market.And, if I don't know about your symbol or subject I will say so..
Pura vida amigos/amigas
Time management is essential to monitoring a 47 position portfolio. My 1st comment concludes with "Rich-unck:xx hrs"; I uncheck from the article to avoid repetitive comments, nonsense, and (most) arguments. I extend another XX hrs when I respond to a question or comment...I also respond to all PMs.
BACKGROUND My journey as a self-directed investor (SDI) began in 1973, and resulted in financial independence at age 52, which also allowed me to retire from corporate life the following year (Feb 1995).
I have no special knowledge not attainable by others who also dedicate themselves to the study of the economy, market, and stocks...I could cease all portfolio management today, and place it with a professional manager; however, I enjoy the psychic and financial rewards. Alternatively, I could become a passive investor via mutual funds and/or index ETFs (those works too! ). With few exceptions, As a rule, Rich only discusses his IRA here--it is only a portion of his and Joyce’s investment assets.
INVESTMENT PHILOSOPHY If you ‘lived for today’ over the past 5 or 6 decades, you better invest in lottery tickets. The most probable path to a financially secure retirement is the product of an investment program (either active or passive) started when relatively young; living on less than all your after-tax income (saving means delayed gratification); and either self-directed or via professional management, adopting a sensible strategy suitable to age and comfort zone. There is wisdom in flexibility, diversification, and not being life-long wed to any strategy. It is appropriate to take greater risk for greater rewards (sensible growth stocks) when younger, as those are our lowest earnings years combined with our highest expense years--in the years between early investment and retirement, investments in solid growth companies can double 8 times or more.
There is time to adjust allocations to a more conservative strategy when closer to retirement. Never assume you have an information edge over the professionals. Time-in-the-market is your principle advantage. When/if you become interested in dividend stocks, never forget both price return and dividends compound, and price more so.
Financial independence is achieved when one has sufficient confidence his/her lifestyle will not change significantly, regardless of the potential depth or breadth of decline suffered by their portfolio--including a prolonged series of bear markets such as 1929-37. True, the recent 18-month bear market ending mid-2009, was deep--but also too brief to consider its lack of widespread dividend cuts to be as proof a portfolio of dividend-payers won't suffer income losses in a more prolonged decline (i.e., no portfolio is "dividend bulletproof").
The balance of this profile is lengthy, and likely not helpful to passive investors who simply go along for the ride, their portfolios bobbing up and down like flotsam in the ocean; their course always subject to the whims of winds, waves, and trends...THIS IS YOUR ONLY WARNING!
PORTFOLIO GOALS Now in my 70s, it’s no longer appropriate to engage in the growth strategies applied in wealth accumulation. As a more conservative investor, 100% of his portfolio consists of dividend-payers. 95% of positions have investment grade credit ratings (the lone exception is a REIT).This combination, along with having companies in 10 of the 11 S&P GICS sectors (none in Materials at this time) provide a measure of diversification. This IRA portfolio holds no bonds, though bonds and other investments are held elsewhere.
Maximizing total return and wealth preservation are mutually exclusive. A key observation: Having the capacity for risk is not the same as having the tolerance for it!
Rich’s objective is now a ‘smoother-ride’ that levels out the market’s peaks and valleys (limit losses, trim notable excess valuation). That smoother ride in an all-equity portfolio cannot be achieved without active management and continuous monitoring of positions--therefore TIME is an essential input to his portfolio management. Active management does not’ means frequent changes, as it is not unusual for a quarter or more to pass between a trimming or sale (nonetheless, when a company fundamentals change, or a mistake is made, corrective action is taken.)
STRATEGY SINCE 2008 Rich targets both legs of TOTAL RETURN (distributions + price change). His Growth & Income strategy often focuses on VALUE investing tactics applied to dividend-payers. Value investors seek out unpopular, companies most investors are avoiding (i.e., fundamentals have declined but credit rating is strong, BoD has implemented a rational recovery plan, and the dividend not in danger). Value investors seek to be paid to wait for other investors to recognize the stock’s value and assign it a greater share price. In any event, value stock or growth stock, Rich always seeks a ‘margin of safety’--no shares are bought at prices >FV, and his margin of safety is derived from dividends paid, price appreciation, and rising FV over time.
In all cases, value or growth, Rich selects well-established dividend-paying companies having a high-probability of growing earnings (growth of earnings is ESSENTIAL to growth of price and dividends). He tends to be flexible, forward looking, reactive to changing fundamentals, and willing to admit a mistake so action follows.
SDI is not easy, success is not assured, and in recent decades, advice from academics, and investment coaches, almost universally recommend index funds. Those NOT having the prerequisite time and interest are unlikely to develop the requisite skills for stock investing--thus the probability strongly suggests most newbies would be better served by indexing (Ben Graham wrote favorably of indexing). However, when done successfully, self-directed stock investing can offer rich psychic and financial rewards.
CORE PORTFOLIO Presently, +/-30 equities. Core holdings dominate at about 65% of total portfolio positions. Favored are traditional, large- and mid-cap, low-beta, best/near-best in class, institutional-owned, moaty, dividend-paying, value and growth stocks, having investment-grade debt ratings, and representing the consumer staples, healthcare, utilities, and telecom sectors.
OPPORTUNISTIC PORTFOLIO The remaining 15+ positions consist of equally well-known dividend-payers found among widely-owned cyclicals, such as financial, industrials, consumer discretionary, technology, real estate, and energy sectors are sensitive to the economy. In an expanding economy, cyclicals typically grow their earnings (and dividends) faster than do the typically slower-growing core companies. But because the reverse is also true, in a contracting economy, these positions are intended to be heavily trimmed to preserve gains as the economy peaks and shows evidence of decline. Some are susceptible to quite significant price declines when Mr. Market assumes their will suffer reduced earnings, and sometimes dividend-freezes/cuts, in anticipation of those events.
Rich is sometimes fully-invested, but unlike some, observes no such rule. Building a large cash cushion at the front-end of a correction/bear market (-20%) provides the dry powder required to both cushion the market's decline, and also creates the cash required to purchase excellent companies at below FV prices (without having to sell a position he wants to keep!).
TRIMMING POSITIONS When positions in either portfolio become significantly overvalued, they are trimmed by 5-10%, and the proceeds applied to fairly valued companies before the (almost always) temporary gift of over-valuation reverts to the price mean. If the position continues to advance, and absent other information, the position will be trimmed again. Added benefits to selective trimming include (1) serves as a more sensible method of rebalancing (as opposed to automatic--professionals do not use such a meat cleaver); (2) reduces the position's remaining Capital at Risk (which may suggest room for additional shares within an otherwise full position), and (3) provides the necessary dry powder to buy other shares at FV or below.
OTHER INTERESTS As we age, the importance of family grows. Rich has long volunteered in his community; over the years has served with distinction as member/chair of a number of advisory committees. Assisting others on SA is also a source of satisfaction and fulfillment.
Finally, having been blessed by years of excellent investment performance, Joyce and Rich have long been avid world travelers, and have visited over 60 countries over a span of 30 years (his SA avatar reflects the Taj Mahal in his sun glasses). They reside in Michigan--for 9 months of beauty, bliss, and family, and thoroughly enjoy wintering in equally beautiful Naples FL--for 3 months of sunny warmth and relaxation.
Life is good--it's been an unbelievably awesome ride!
B/G Alpha focuses on near term price-to-value convergence. We believe that often, security markets are in a disequilibrium because of the complexity of security analysis, asymmetric information flow between the security issuers and their holders, and security holder behavioral biases. In these situations, we aim to flow in and out of the security before others do.
Chris DeMuth Jr. is the founder of Rangeley Capital LLC. Rangeley is an investment firm that focuses on event driven, value-oriented investment opportunities. Rangeley Capital and his value investing forum, Sifting the World (StW), search the world for misplaced bets. Rangeley exploits them for its investors and then Mr. DeMuth writes about them on StW.
I graduated from Canisius College in Buffalo, NY in May 2012. While there, I majored in Finance and achieved a 4.0 GPA. Also, I was the Valedictorian of my class. I am attending Canisius College for my MBA with a concentration in Global Supply Chain Management, and will graduate with this in May 2013.
I spend most of my time reading through annual reports looking for a small-cap stock to feature in my monthly edition of "The Conservative Investor Digest." That is where you can find my best work, and that is where I focus my research. You can become a subscriber here: https://gumroad.com/l/HmqJx
I run the long-term investing website "The Conservative Income Investor" which can be found at: www.theconservativeincomeinvestor.com
I learned to buy things "right" learning from being in real estate for a short period of time. Forget long and short term investing approaches and think more in terms of buying right which can be a combination of timing to find the best opportunity to buy or just the next to best chance you have to invest. Your fate as an investor is sealed once you have taken a position at that moment as to the probability of success or failure. It is not just luck. Buying right is buying when something is setting your eventual profit at the moment you make the purchase. You cannot exactly time every investment for perfection but you can make a purchase in a range of integral numbers where if you know the fundamentals of an investment it should always be worth at least what you paid and a lot more. Your trading or purchasing assets is essentially an independent kind of decision making process because if what you are buying is really cheap and a bargain the crowd is going to be running away from it giving you the deal of a life time. Timing maters but not as much as figuring out what range of prices you would be willing to make the purchase. Often times that means a low enough price that there is much less downside risk than upside risk. Things won't look pretty when people are having a fire sale. The original fire sales I guess were by people who suffered a fire with out insurance to replace lost property. A sale by necessity can be a great bargain for a new incoming investor. My father always says ask why they are selling or try to figure out why. People selling in a panic or in pain are not thinking clearly. That is how value gets locked in at a low price. The original sales were ships having been in harbor for a long period of time and having sold as much of their cargo as they could hoping to unload that cargo to replace it with more lucrative new cargo from the port they are sitting in. When a cargo contents don't sell and the ship wants to get sailing again it has a sale "sets sale clearance sale." Ships might arrive in a harbor at the same time as the competition with the same import products only to see their prices drop because demand is too easily satisfied by all competitors. That gives captains several choices. They can put stuff on sale putting up a sign on the dock that they are "sailing away with discounts before they leave" or they can just head out to the next port to try again to sell the same inventory before the competition gets there. If it seems there is no more interest in the current cargo inventory deeper discounts at the sale are going to be required. big discounts take away capital from the ship. Did you know that ships were the original "stock portfolios as such?" A ship unable to sell inventory in port might not be able to re-supply and head off sailing on to the next port. It is not just re-supply of the expensive requirements for crew to eat and drink but restocking trade stock to take to the next port. Successful sea trading ships would attempt to successfully buy and then sell inventories port to port all the while attempting to collect low bulk high store of wealth gold and silver which would leave plenty of room for more cargo in the constant trading that worked out best from port to port. Smart ports welcomed too much competition because they would have the lowest dock side prices. When stock trading came on land and went into stock exchanges the shipping companies were no longer trading stocks but the way it worked remained pretty much the same and as stock markets became more abstract in terms of having derivative paper tab ownership of stocks and goods...representation of the articles traded of value rather than the real thing in the cargo hold the methods really remained quite the same. Trading ships mentality is over 6000 years old. Ships that bought right would always have margin of safety to unload the products they would purchase so they would not lose money but could gain it or retrieve their basic capital to try again with a new kind of cargo . Sometimes the shippers would be hired on contract just to transport goods but that is not the same as a trading ship or a trading portfolio. Trading goods, services and abstract things like stocks and bonds takes a bit of sea worthy street smart thinking because the goal often is just to buy and sell for more than you paid. Before the US dollar there was gold and silver coin and bullion to convert exchange rates into one common denominator currency worldwide. There were quirks in that in that tea could be purchased cheap and sold at very dear prices in distant ports. Tea could weigh less than a lot of other products and thus take up less cargo space than other more heavy objects lower net weight in value. So you see that gold and silver were really just a medium of exchange or maybe other commodities shipped could be nearly as good such as China tea. That tells you something about the thesis that the end of the US dollar is near. Surely the US dollar will continue to decline much the way it has and maybe at a more accelerated rate but like gold it is still just a medium or exchange. Unlike gold it has no alternative use as a commodity unless maybe it becomes recycled paper. It is a commodity in that it exchanges on the markets the same way physical goods trade. Should the US dollar ever become so much less accepted world wide than it is that hardly means that the economy will be trashed and the federal government bankrupt. That is because the US government has very significant natural resource and land assets among other forms of assets. The US owns an awful lot of fresh water. It owns millions of millions of acres of land including most of the western US and Alaska.
The US even owns so called intellectual property and the contents of libraries , museums, NASA and public right of ways. The United States may lose some temporary taxing power when a group like the tea party comes to office but in the long run virtually everything will be 100% taxed by the federal government by compounding income, estate, capital gains taxes, excise taxes and other taxes and fees. When government runs up a deficit it just takes longer for it to tax people to pay down or pay off the accrued debt. You give the citizens time to make more money and save more wealth and then well , later, the government has more to tax. What is all the fuss about? It is pretty stupid to worry about when the US can just print out its own fiat currency not linked to any commodity , gold included. The full faith and credit of the US is not just its massive physical assets but its future ability to tax the citizens as long as they are healthy enough to work hard enough and save enough for the government to take a big cut. Foreign governments and foreign investors being creditors to the US have a contract that limits what they are owed in dollars. It would be absurd for the US to change those existing contracts to send them gold in lieu of us dollars on some conversion ratio scale unless we suddenly found we had a great surplus of gold we could do with out. Where the dollar is going to find competition that could dethrone it is the ETF markets. Little do most people know that some of these ETF market baskets of stocks and commodities are going to trade like a currency over time in a manner that will consume and convert many dollars that used to be saved in dollar denominated bank accounts. It is only a matter of time that dollar denomination becomes primarily American corporate controlled ETF index units shares instead of US treasuries and bank accounts denominated in dollars. I am saying something you won't read elsewhere. Right now dollars are the de facto currency in places like Argentina because the Argentine peso is a scam no one wants to own. All over the world the US dollar might not be loved but it is loved more than a lot of other dangerous local fiat currencies. Well soon people from China and India to Argentina and Russia will be saying give me the dollars I want to buy dollar denominated ETF currency. If i were running the US treasury in say a Ron Paul Administration I would work to convince the president that the entire US treasury note and bill market should be trashed and replaced with government etf exchange traded program units. These could include federal land acres, water rights, timber rights and more backed by and represented but not immediately convertible. Inflation adjusted bonds issued by the US treasury hamper economic development because foreign holders of dollars don't put the money back into the us economy for importing us goods. In the not so distant future it is almost inevitable that the government will have to come up with a sort of GLD etf of its own or just buy into the EFT when shares come down in price by printing dollars. The markets are going to discover all of this without my help but to get the government to understand what is inevitably going to happen they will have to ask my advice or better yet make me the secretary of the US treasury. What will happen is that government will eventually have to cede the dollar over to a sort of etf instrument either it controls or the major etf firms control. Government will find it is not as sensible to tax dollars when the currency becomes ETF oriented. They will take share of etfs as tax and hold those shares in the US treasury. An interesting thing could happen which will force this upon big government. Imagine the price of gold collapsing from 1700 or something like that to $350 in a matter of of a few weeks. Theoretically the etf gold is going to remain on deposit in the nyc vault where it is stored. When that happens government could become the buyer of last resort. As it can hoard the gold longer than private mortal individuals can it can be selling the etfs at much higher prices later on. It would not be wise for the government treasury to be paying the etf management fees on the gold trust so it would evolve into a situation where the government collected the eft fee to maintain the fund for the public to invest in and as it were hold the gold in their own vaults. You can see where this discussion is going? It means gold can become a fiat currency the minute the government just starts printing up dollars to buy gold even at market low prices. It means that the US dollar fiat currency is perfectly as reasonable as having gold as the medium of exchange and just as effective. Don't believe much of anything you read about the federal reserve being anything other than incompetent. . Replacing the fed and the treasury with gold and silver fixed to the currency is really the same as doing nothing. The markets will find that ETFs are quite an advantage over US dollars and the government as the taxing authority will discover it can creater and manage etfs for a substantial fee and provide better protection against inflation by not having to create it. Watch and see. It will happen.
Greenbackd is dedicated to unearthing undervalued asset situations where a catalyst exists likely to unlock the value. Greenbackd focuses on assets for three reasons:
1. Assets are simpler to value than earnings: Earnings are often difficult to forecast with any degree of accuracy and we can't value a security based on unknown future earnings. Assets, on the other hand, are known quantities at filing. This is not to say that the value of the assets recorded in the filing is the value we ascribe to them. We disregard intangible assets, heavily discount long-term and fixed assets, and apply a modest discount to current assets. We take only cash at face value. For these reasons, we prefer that each security is predominantly backed by cash, hence our name: Greenbackd. 2. Assets anticipate the downside, the liquidation value, first: This forces us to be conservative in our assessment of value.
3. Assets are a contrarian measure of value: To the extent that Wall Street makes any assessment of value, it is obsessed with earnings. It pays little attention to assets. This creates an opportunity where a valuation based on a company's earnings underestimates the company's asset value.
Our favorite stocks are those trading at a substantial discount to liquidation value with an activist investor pushing the company to undertake some corporate action (for example, return capital, pay a special dividend, buy back stock, sell a key asset or the entire company). Greenbackd is penned by a former securities lawyer now working in value-oriented activist funds management
Visit his website: Greenbackd (http://greenbackd.com/)