John Rekenthaler wrote about the stealth bull market, Weitz Value and transparency with ETFs in his Morningstar column
Rekenthaler disagreed with naysayers predicting a stock market bubble.
"I think the rally's explanation is a lot simpler. Stocks were cheap in 2009, based on various measures such as normalized earnings, revenues, book value, and so on. Earnings growth has been terrific since then, so that despite the great run, stocks on an earnings basis are trading close to their levels of four years past.">
Rekenthaler explained why Morningstar rated Weitz Value Silver instead of Gold, explaining that 1.2% expense ratio on a $1.1 billion fund is old school. The industry no longer permits that kind of pricing unless the fund has "an absolutely dominant record."
On the ETF front, State Street filed to run three actively managed ETFs. State Street is looking to avoid the usual portfolio transparency offered by ETFs, so fund portfolios could not be seen on a regular basis.
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