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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Spekulatius who wrote (51546)	5/17/2013 1:44:42 AM
From: Jurgis Bekepuris	Read Replies (1) \| Respond to of 78667

I also sold the remainder of my Pimco bond fund position in my 401k - more than fairly valued. OT: You'd rather hold cash??? Pimco bond funds usually engage in a lot of derivative positions. So I don't think there is anyone on this thread who can really value them. Disclosure: I increased Pimco bond fund position in my 401(k)s quite a bit last month. Yes, I am aware that everyone thinks that bonds are bad place to be. Yes, I have already lost some stock market appreciation due to this move.

To: Spekulatius who wrote (51546)	2/14/2014 1:24:37 AM
From: Spekulatius	Read Replies (1) \| Respond to of 78667

Bought back MN in two accounts around 14.6$. Asset manager missed earnings (mostly due to higher than expected bonus payments). They also had some moderate outflows, even though AUM are up, due to appreciation. I like the company though - their funds are pretty cheap (0.78% fees as a percentage of revenues) yet they have 40-45% pretax operating margins. Very little capital needed to run the business, so they are able to pay a nice dividend. 125M$ in net cash. The income statement is messy due to amortization charges from vesting stock awards that are from prior the IPO, as well as the hybrid c-tax LP cooperate structure (somewhat similar to OAK). I think the economic earnings that the company is presenting make sense. I think the FCF ~economic earnings and that means an ~9% earnings yield, which i consider as quite attractive.