CHARLIE DREIFUS

• Lead Portfolio Manager,
• Royce Special Equity Fund

Newsletter available soon.

DE-RISK AT LEAST A PORTION OF YOUR PORTFOLIO

• Review your portfolio
• Faster growing but lesser quality stocks are usually more vulnerable in a market correction
• Bond issues graded less than investment grade can be as volatile as stocks
• De-risking can hurt performance in bull markets but can cushion losses in bear markets

No Bookshelf titles this week.

TIME TO DE-RISK

Buy a balanced fund with equities & high-quality bonds

Vanguard Wellesley Income (VWINX) Price: $26.38 52-week range: $25.79 – $27.36

VWINX data by YCharts

Cooper Tire & Rubber Co (CTB)

CTB data by YCharts

Winnebago Industries Inc (WGO)

WGO data by YCharts

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Charlie Dreifus from the WEALTHTRACK Archives:

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PRINCIPLED ACCOUNTING

Royce Special Equity Fund’s legendary value manager Charlie Dreifus is known for his deep dive accounting, going through company finances with a fine tooth comb to identify financial weaknesses and strengths.  It’s a skill and passion he learned from his mentor, award-winning accounting professor Abraham “Abe” Briloff, a renowned forensic accountant known for exposing accounting chicanery in columns for Barron’s.  Dreifus is determined to keep the Briloff legacy alive.