The Downside of Conviction
There is a difference between appreciating that some investments require patience and praising the fault of intransigence.
Last week, FPA announced that veteran portfolio manager Bob Rodriguez was retiring, effective Dec. 31. As FPA noted in its press release, Rodriguez ("Bob Rod" in Morningstar's fund-analyst slang) is the only fund manager to have collected Morningstar Manager of the Year accolades for both stock and bond funds. Indeed, he won three such honors for FPA New Income (FPNIX) in 1994, 2001, and 2008.
(I wrote the commentary that accompanied 1994's award, but as that year predated the birth of morningstar.com, there is no link. For a suitable fee, however, I could recreate the era. I could find that binder in Morningstar's library, photocopy the relevant pages, and send them via fax. We could brand that experience: The Early Nineties Technology Ride.™)
John Rekenthaler does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.