Are Index Funds as Cheap as You Think?

In a recent Wall Street Journal article, columnist Jason Zweig rebuts an argument that index fund expenses are drastically understated. The argument comes from veteran value investor David Winters, portfolio manager of Wintergreen Fund, who in his latest letter to shareholders says that the typical S&P 500 index fund incurred expenses of over 4.3% in 2016.  Winters argues that index fund managers get away with “overpaying their bosses” more easily, as measured by shareholder votes… Read More

Winters: "Everybody I Know Who's Rich" Focused On Long Term

While many investors are shying away from global stocks, top value manager David Winters is quite high on them. Winters tells WealthTrack’s Consuelo Mack that the pessimism on emerging markets has made for excellent value in companies that do business in those areas. Winters also talks about why short term momentum-focused investing doesn’t work over the long term, and why thinking long-term can lead to tremendous results. He looks for a “trifecta” of qualities in… Read More

Winters Likes Asia in 2014

Top fund manager David Winters says he’s high on Asia heading into 2014. “We think the big undervaluations, going back to Graham and Dodd … are overseas,” he tells CNBC. “Ultimately we think Asia is … the place to be focused.” He says that consumers in Asian markets want U.S. goods, and he’s trying to play on that theme in lower-risk ways. One stock he’s particularly high on: Casino company Wynn Macau.

Winters Finding Values Up North

Top fund manager David Winters says he’s high on Canadian stocks, particularly those of oil and gas companies. Winters tells Advisor.ca that while many energy companies operate in areas where political instability and nationalization are threats, Canadian energy firms have the benefit of operating where there is “rule of law and reasonable royalty rates,” and adds that they are often well run firms. “[For] investors, Canada is one of the best places to [be in]… Read More

Winters Says Long Bonds “Going To Get Crushed”

Top fund manager David Winters says the bond party is over, and investors should key on stocks going forward. Winters tells Bloomberg that low-coupon debt is “going to get crushed”. He says that if investors do own bonds they should be short duration. Equities, meanwhile, essentially have the ability to raise their coupon, Winters says, because their businesses and earnings can grow. He says investors continue to stay in bonds even though fundamentals are against… Read More