A look at Ken Heebners CGM Focus Mutual Fund

Jan 23, 2010 in Mutual Funds

Ken Heebner is considered one of the very best fund managers in the country. But during this period of time, his fund was simply no different than the Brazil Fund ETF. This is an example of a fund manager exposing customers to a risk factor that they could have purchased in an ETF at a significantly lower fee. While Heebner should be credited for his outstanding long-term track record, his value-add -- like nearly all fund managers -- is in choosing broad risk expsosures, not 'stock-picking'. Moreover, he exposed customers to tremendous risk -- which could have been easily recognized if tracking his daily standard deviation of his funds returns -- as ETFreplay.com does.




How Risky Are Intermediate Term Bond ETFs?

Jan 20, 2010 in Bonds | Volatility

This particular ETF, Barclays 3-7 Year Treasury Bond ETF (symbol IEI) with a stated effective duration of approximately 4.5 years, had daily standard deviation of 5.5% in 2009. While yields on treasuries are low -- duration management below 5 years is inherently low relative risk.




S&P vs European Stocks

Jan 06, 2010 in S&P 500

 Difference Was Essentially The Currency Effect



Classic Example of Mixing Non-Correlating Assets

Jan 06, 2010 in Correlation



Some creativity in non-equities in 2009s equity bull market

Jan 04, 2010 in Bonds


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