In the topsy-turvy world that is our stock market, I had a 1.2% gain today as the Fed held rates steady and commented that low growth could continue for long time. So we continue to borrow gains from tomorrow and take them today. I will be curious to see what the markets do tomorrow after a day of reflection... if algo computers are capable of reflection.
So I am now up 2% for the week and 11.4% for the year. I am relieved I took off my short hedges 10 days ago... better lucky than good.
The MFI Index (a basket of 50 stocks created once a year) has now passed the R3K... up 8.3% this year. Interestingly, GARIX, Gotham's MFI fund is only up about 3% this year. It has been an underwhelming approach. I guess it'll do "better" when everything crashes.
Here are my open 12 tracking tranches:
| 9/25/2015 | 7.6% | 13.5% | 0 |
| 10/30/2015 | 5.7% | 6.0% | 0 |
| 11/27/2015 | 4.2% | 4.9% | 0 |
| 12/31/2015 | 8.7% | 7.7% | 1 |
| 1/29/2016 | 17.1% | 14.2% | 1 |
| 2/26/2016 | 14.7% | 13.4% | 1 |
| 3/24/2016 | 14.9% | 8.2% | 1 |
| 4/22/2016 | 4.6% | 4.7% | 0 |
| 5/27/2016 | 10.8% | 4.2% | 1 |
| 6/30/2016 | 9.8% | 3.9% | 1 |
| 7/29/2016 | 1.8% | 0.0% | 1 |
| 8/26/2016 | 0.8% | -0.1% | 1 |
| Average 12 | 8.4% | 6.7% |
You can see that 8 of 12 are leading (first column is MFI, second column is benchmark and third column a flag if MFI is ahead. It is very, very close to the most recent 9 all leading. With the dividend stocks, it is much closer, pretty much a coin flip.
Ok, back to it.
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1 comment:
Yeah I don't know about GARIX and those long short funds either. He said in multiple places that the L/S blew up historically and his answers on what changed his mind aren't all that satisfying. I use QVAL and DVP as sort of MF proxies since they both piggyback off the big muscle movement which is the EBIT/TEV value prong and then add their own variations on quality. I think DVP has a dividend requirement as well. Might be a suitable comp for you "formula" approach to the "magic formula", if you're looking for one.
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