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I think you mixed your metaphor a bit too much and took some shortcuts with my words, not that I'm above reproach in those respects. Off-the-cuff remarks are in my nature, but my old boss thought I was the best writer the firm had, so not everyone considers my style "annoying".
Just wanted to show that I too can be annoying Well it's good that people are comfortable just being themselves on this forum. I didn't mean it to be some grand attack on you and everything you stand for, just a comment because I got annoyed and felt like saying so, nothing more. You clearly have lots of knowledge and experience that are useful to this community, since lots of us don't come from the world of finance.
The main elements that made me think “I’ll just stick with emerging” we’re, in no particular orderunemployable wrote: ↑Mon Aug 26, 2019 12:23 pmNow consider that large institutions, the people who can write checks for hundreds of millions when they want to steer towards something such as "emerging value", are happy to pay in the 20-50 bp range (that includes things such as custodial arrangements, separate account maintenance, they fly out to you on their dime, that kind of thing) depending on how specific the mandate is. For tactical/macro it's more like 50-100 bp. You don't think you can get a better deal than they do, do you?
1- subjectivity of what “value” means (I think I may agree with GMO’s definition, but not with standardized/automatized definitions)
2- the subsequent realization that, in order to “do things right”, I should have obsessed over details regarding an asset class representing one and a half years of my savings.
Unrelated: I enjoy reading you a lot, so please keep it up (still, I bookmarked our “USA vs rest of the world” equities discussion and may unearth it in 10 years time -only if I turn out to be right obviously-)
You are certainly aware I tend to bring nuclear warheads to knife fights.
I'm far more internationally diversified than your typical vainglorious Vanguardian, so I won't necessarily be disappointed if you're right.