might that report not qualify as insider information ?
Bill Mann (I echo those who extol his great value for their future investing from his articles written in the early days of TMF, which explained so many terms and rigor in investment so well) is right about every impediment put in the way of fund managers, not to mention their mal-incentives and for that matter the failures of their investors too. But if it was different, I do not think it would help. A study of an earlier time of low regulation and costs would be interesting.
One important proviso: we are only interested in documented results. Anecdotal stuff is all irrelevant. That necessarily restricts to fund managers. But there’s the problem right there: the revered star fund manager. He’s hopeless to invest in (unless you are a coin-flipper or good with a crystal ball) because he part-retires to an enormous ranch and the ranch, to no-one’s surprise, turns out to be much more interesting than the fund; he goes sailing and running the fund from a boat doesn’t quite work out; he vanishes to run a hedge fund (that old 2 and 20 is quite a draw) or drops dead of a surfeit of caviar and champagne. Then you have to move, which can be costly.
All this time the index just plugs along, costing so little it’s negligible, nicely dynamic in allowing good companies to come in and rise and bad ones to fall out, and needing no work at all. After twenty years, the manager is still there, and still there after 40. By the time the next two generations in turn get the investment (still intact, and increased heavily at the worst market drops)the fund still has the same manager! You never had to liquidate and take a tax hit or anything. No wonder Bogle’s insights and Buffett’s advice have caught on!
Saul, your performance is outstanding. But you are a very rare kind of investor. Your speedboat surfs around the small atolls of the Saas Subsector Sea at high speed yet the draft is deep enough to cruise easily to another place if you need to, like its former port of origin, Old Pegland Harbour. Which is why comparing your current portfolio with an ordinary index is also irrelevant - and much too easy. That, and your ‘How could it not?’ are real anomalies in your widely read and much valued monthly report.
For staid old investors like me, for whom the thought of a book cost of any equity holding exceeding 2.5% is anathema (and 1.5% plenty for the kind discussed here) the board you generously host is a tonic, and a profitable one. Unlike you, I take my profits early and often - a different kind of investor whose main remit is elsewhere. But thank you!
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Saul, your performance is outstanding. But you are a very rare kind of investor. Your speedboat surfs around the small atolls of the Saas Subsector Sea at high speed yet the draft is deep enough to cruise easily to another place if you need to, like its former port of origin, Old Pegland Harbour. Which is why comparing your current portfolio with an ordinary index is also irrelevant - and much too easy. That, and your ‘How could it not?’ are real anomalies in your widely read and much valued monthly report.
For staid old investors like me, for whom the thought of a book cost of any equity holding exceeding 2.5% is anathema (and 1.5% plenty for the kind discussed here) the board you generously host is a tonic, and a profitable one. Unlike you, I take my profits early and often - a different kind of investor whose main remit is elsewhere. But thank you!
Thanks streina, for all those kind words. That’s really kind of you, and I appreciate it. I know that most investors don’t get the kind of results that I get, but I do, I really do, try to teach others how to get good results too. And apparently it works for some, as there were quite a number of people on the board who posted End of 2017 results in the up 60% to up 90% range, and, although we don’t have the same stocks in our portfolios I see that Bear just posted up 28.0% year-to-date, as of yesterday’s close, and I was up 27.8%.
For staid old investors like me… I’m probably an older investor than you, age-wise, but maybe not quite as staid. 
Best, and thanks again,
Saul
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My wife’s accounts are in index funds and I stock pick with mine.
With the drop in shop today and the pullback in ayx I’m up a little over 12% this year.
I got in later on ntnx and ayx than Saul.
My one year performance is around 60%
Thanks Saul
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Saul,
I am at 26.5% for the year to date and 49.3% since jumping on the Saul gravy train in September 2017.
Used today’s beat down on SHOP to finally open a position in this fan favorite.
Thanks for sharing your secrets and opening my eyes to a whole new methodology.
Zak
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Used today’s beat down on SHOP to finally open a position in this fan favorite.
We’d have to go all the way back to mid morning last Thursday (April 26 or 3 Trading Days) for this bargain:)
I also added some more today too though. Couldn’t believe it was down after what they reported.
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I am at 26.5% for the year to date and 49.3% since jumping on the Saul gravy train in September 2017… Thanks for sharing your secrets and opening my eyes to a whole new methodology.
Welcome to the board Zak, and thanks for your kind words.
Saul
I messed up my numbers this morning.
My stock picking acct as of the close is up just over 22% ytd
Helped by the rebound in shop and rise in ayx today
A big part of Sauls success is knowing what NOT to buy
Look at mtch today
He didn’t like aaoi even when it looked like an incredible growth story
The list goes on
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