Tocqueville Fund’s Robert Kleinschmidt prides himself on being an independent thinker. In his exclusive interview with WEALTHTRACK he does not disappoint. While the rest of Wall Street has been expecting the Federal Reserve to raise interest rates he says they won’t, and while most investors run from troubled stocks he finds gems among them. His deep value approach has generally worked. Under his stewardship, the 4-star rated Tocqueville Fund has delivered market and category beating returns.
Robert Kleinschmidt is the CEO, President and Chief Investment Officer of Tocqueville Asset Management, a firm with about $12 billion in assets under management, much of it for high-net-worth individuals and institutions around the world, but also including several mutual funds.
He has been the portfolio manager of the firm’s flagship, 4-star rated Tocqueville Fund since 1992. Over the last 15 years, the deep value, stock focused fund has delivered 8% annualized returns, far outperforming the market and its Morningstar Large-Blend category.
Lee Ainslie is well-known on Wall Street, first from his time with Julian Robertson's Tiger Management and now at his own firm, Maverick Capital. Ainslie is bullish on the markets in the near term, although he understands the concerns about inflation in the longer term. Q3 2021 hedge fund letters, conferences and more In general Read More
PRESERVE PURCHASING POWER
Own gold bullion
Not an “investment”
Preserves long-term purchasing power
SPECULATIVE BIOTECH Omeros Corp. (OMER) Price: $17.13 on 11/5 52-week range: $6.92 – $18.80
TAKE A LOOK AT MUNICIPAL BONDS
YIELDS ON HIGH-YIELD MUNICIPAL BONDS WERE SIGNIFICANTLY ABOVE THOSE ON IRAQI GOVERNMENT DEBT
PERCEPTION OF RISK IN THE MUNI MARKET DOES NOT REFLECT REALITY
FEDERAL INCOME TAXES HIGHER THAN THEY HAVE BEEN SINCE BEFORE REAGAN PRESIDENCY
YIELD LEVELS ON TAX FREE MUNIS VERY ATTRACTIVE, ESPECIALLY COMPARED TO OTHER TYPES OF BONDS
CONTRARIAN VIEWS web extra
The Tocqueville Fund’s Robert Kleinschmidt started nibbling on Apple well over a year ago when the stock was much lower. As a deep value investor Kleinschmidt says he is less enthusiastic about Apple now because it’s not as “dirt cheap” and views it as a “not terribly strong hold.” I asked him about another aspect to the Apple story, CEO Tim Cook’s recent announcement that he was gay. What impact if any would it have?