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

To: Michael Burry who wrote (4147)	5/22/1998 2:56:00 PM
From: Brendan W	Read Replies (1) \| Respond to of 78525

Mike, are you not a WSJ Electronic subscriber? $50 a year. Their markets data center has NAVs on CEFs, plus a lot of other stuff, plus the regular contents of the paper. IFN's NAV is only weekly. Those funds that do have daily NAVs are posted there, too. Have you gotten anywhere with finding Lukoil cash flows or earnings?

To: Michael Burry who wrote (4147)	5/22/1998 3:23:00 PM
From: Jurgis Bekepuris	Read Replies (1) \| Respond to of 78525

Michael and James, Why APF and not TDF? quote.yahoo.com APF discount is larger than TDF (17% vs. 14% on April 3, check for current one). Expense ratios are similar. Holdings are APF 42% Japan, TDF 70% Hong Kong. Turnover rates are similar and pretty low (from Morningstar Mutual Fund Manual). But historically TDF performed better than APF. I think it's a faulty logic to buy a fund that went down through its all carrier like a rock and to think that it will rebound with the SEA countries. This logic holds for WEBS but not for mutuals. Who can ensure that APF management won't screw up and hold cash or some Nepalese equity exactly when the recover in SEA and Japan occurs? So, in case of Mutuals, management is important unless you buy index funds. I believe that James's reasons to buy were: - Contrarian action to US. - Discount to NAV. - Belief that Morgan Stanley will "push" this fund. I think that these reasons would apply to TDF too and I am wondering whether discount and Japanese exposure is worth lackluster management. BTW, I don't think the fund holds net-nets of Japan. E.g. it has Sony and Nintendo which are not exactly value stocks. I heard good things about Mark Mobius but haven't read any of his own prospectuses. I get info from Morgan Stanley, so I take their endorsement of APF with a grain of salt. On the philosophical note, I have trouble investing in any fund that has lower asset value after 5 years. Presumably, management should be able to figure out ways to invest in any economic conditions and to hold cash or something if there are no values. E.g. take a look at TBGVX. It has good three year results even though it's a global fund. I know that their success is partially due to holding US bank stocks, but then US banks were better bets than Japanese banks. :-))) Good luck Jurgis