Taikun - My Japan response
...should be amusing(and overly wordy)...if nothing else :)
I don't consider the premium on JOF an issue because if it outperforms the next best thing by 50-100%, what difference does it make? If you buy it at a premium and then sell it at the same premium, there was no impact at all...and you still got the better performance.
If it continues to outperform, I'm guessing the crowd will follow, and the premium will be maintained.
I have no facts on any of this....just "common Joe" reasoning, which, given the state of the world, is apparently often faulty.
FJSCX was HOT stuff in 1999, and though it still has the same manager, I think he is NOT paying attention now.
MJFOX manager also seems to be asleep.
I base them being "asleep"/"awake" on the simplest thing I can see....which is the value increase since the elections were announced...and since then. Probably not fair/smart, but then the market is not fair/smart....so I figure I'm right on target. The asleep guys may very well awake with a vengeance....adjust their holdings...and do much better, but they have some serious ground to make up.
Until fund performance shows otherwise(and given that historical small caps outperform in a recovery thing I read about), I'll still be believing the small caps are the only place to be for awhile.
I guess if you have faith in the ability of a manager based on past performance, FJSCX would actually be the value play?
Regards,
Chuck. |
