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Dodge & Cox Stock Message Board

  • stockfisher2025 stockfisher2025 Dec 16, 2007 5:50 PM Flag

    Good bye old friend

    After 13 years with this fund it's with deep regret it's time to say good bye. Why? The simple answer is: It has simply gotten too big. I just received my 3rd QTR report last week....69.4 Billion Dollars spread out over 87 stocks. Ask yourself, how good do each of these 87 have to do to contribute any significant gains to the fund as a whole. I'll keep a token amount in my account just to keep it open, but logic tells me there has NEVER, EVER been a fund this large that has been able to beat their index. A victim of its own success. I know what the long term numbers are, but as much as I loved how this fund helped me sail through the last crash while others held there tech stocks to the end, I'm a realist. And the funds from this sale will be waiting for the opportunities that are coming in 08.

    I still have 100% confidence and faith in the managers of D&C and still hold Balanced and International. I also took a small position this year in Income. With the market turbulence this year, and the millions baby boomers retires the next few years, I predict there will be a rush to fixed income and I simply don't want to be left out of this fund like so many others have of the other D&C funds.

    I am not bashing this fund or the stock picks. While I have loved the returns of Stock, I'm am by no means married to it. It's just too big. If someone can show me a fund that got this size that beat their respective index, I'm all ears and that info will be greatly appreciated. Until then.......

    Happy Investing!


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    • green_beret_5th_special_forces green_beret_5th_special_forces Jan 28, 2013 5:03 PM Flag

      As of today 1/28/2013; how many of you wish you would of stayed with DODGX? Already made $10,000 this month on my 1100 shares - and the month isn't over.

    • $150 that day over 5 years ago. Revisited to read some of my old comments on this thread.

      • 1 Reply to stockfisher2025
      • Sure, the NAV was $150 then and is $125 now, but that leaves out a lot of dividends which this fund pays quarterly and which must be accounted for when you try to compare prices over several years. Also, you need to consider the alternatives. Where did you put your money? (No, I'm not asking, just pointing things out.) Has it been sitting in a bank? Did you invest in a different type of fund? Or, did you invest in a different (I assume smaller) diversified value fund? If the last, then you had a similar 2008-2009 experience, more or less, to that experienced by D & C.

        Of course, if you invested in D & C in April, 2009 (which I did but I claim no honors for that well timed investment), then you are sitting on a very nice return. Also, if you had kept your investment in D & C and kept adding to it (dollar-cost-averaging) then the very good returns on your investments during 2009 would make up for a lot of 2008 pain. And, if those dividends I mentioned above were reinvested, then those reinvestments would also be sitting on nice gains.

        You need to look at why 2008 was such a bad year for D & C. It wasn't because the fund was too big. It was because the particular type of crisis was a financial crisis and D & C has relied on financial stocks to whether past bear markets. In 2008 that strategy didn't work. But, how likely is the same crisis to hit again? There will be crises, but not the same crisis. I figure, going forward, that D & C's style will work as it has before 2008 and that this fund will do well.

        Finally, D & C did recognize the problem you commented upon back in 2007. The fund was closed to new investors for precisely that reason.

    • Well said stockfisher

    • Well, it has been a year since I liquidated this fund....and boy am I glad I did.

      This entire Fund Family has been a debacle this year. From Stock, to Balanced, to Income, to International. The list of blow ups is too long to list. Pathetic for a Value Shop.

      I said goodbye forever to D&C this year. I'm sure they will once again regain their status as an company that can out-perform the markets, but it's a matter of TRUST.....and at this point the managers of these funds have destroyed any trust they built with me over almost 15 years. As Warren Buffett once said "It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently." and this past year that quote has been so true at D&C.

      Nothing personal D&C, it's just BUSINESS. And 2008 was the year you failed. Failed your clients, their families and yourself. And the worst thing about it is you will probably take even MORE RISK going forward to attempt to reverse your total failure in 2008.


      Happy Investing!


      Long-Term Sentiment Disclosure: VERY, VERY, VERY STRONG SELL!!!

    • Glad I sold this one last December. What a mess!

      Check out EBAY tonight and then see what Mutual Fund is the largest shareholder.

      Damn shame what Dodge & "Cocks" management did to this once fine company.

      Happy Investing!


    • Good luck with your picks,
      I am hoping to snag some companies that took body blows but will weather the storm (3-5 year rebuild?)


    • No kidding! You have a good memory.

      At yesterday's close, DODGX had a 1 year return of -42.3%

      Some funds with pretty strong history are also suffering such as Vanguard Windsor (-44.1%), Fidelity's Magellan (-42.6%) and Growth and Income (-47.2%)to name a few.

      I have found investing in out of favor industries or funds to be pretty profitable over the last 40 years.

    • nrdtx,

      "Herd mentality,nrdtx 23-Jul-08 04:32 pm "

      A matter of perspective. I bought 7/15 so I am marking it as an unrealized gain.

      7/15 NAV price 104.57

      I take that you no longer have an unrealized gain on your 104.57/share buy on 7/15/08 ?

    • 1) I don't think people are intrinsically bad. They usually have to have a reason to be nasty. If Treb was happy with his investments and/or he could think of ways to improve he would not be wasting his time with bashing.

      2) I am not a market timer, but when I see an industry or fund that has got beaten down, it attracts my dollars.

      3) You appear pretty savvy VA83.I do not think you read a financial magazine in December to pick your hot fund for the next year!

    • --EOM--

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