I disagree with some of the points. Most especially, the expense ratio is pretty low on GAM, lower than on most closed end funds and most open end funds. Not as low as Vanguard, but similar to American Funds, which has much larger assets.
Secondly, most of the people were not paid as well as I was when I was managing mutual funds, albeit I had MUCH more in assets than GAM does. Fidelity's "C" team makes more money than GAM employees. The outside directors are paid less than any fund I've seen.
I do not consider GAM a concentrated fund, but that's a subjective definition.
Since closed end fund preferreds are tax advantaged, they should be owned in taxable accounts.
Central fund IS a concentrated fund. As you noted, you'd better like Plymouth Rock if you own CET.
Most fund management fees go up when assets fall, especially closed end funds, which are not bringing in new money. ADX's should go down now that they've built back the portfolio.
Sorry about the prostate. |
