Comments on: Lose 72% of your investor’s $, make the cover of Barron’s http://www.mebanefaber.com/2009/10/10/lose-72-of-your-investors-make-the-cover-of-barrons/ Engineering Targeted Returns and Risk Sat, 20 Mar 2010 21:13:21 -0500 http://wordpress.org/?v=2.8.2 hourly 1 By: MarkM http://www.mebanefaber.com/2009/10/10/lose-72-of-your-investors-make-the-cover-of-barrons/comment-page-1/#comment-3010 MarkM Fri, 16 Oct 2009 11:29:47 +0000 http://www.mebanefaber.com/?p=1809#comment-3010 Hi Meb. It's one of my theories on low volume for this rally. The retail investor sold out at the lows and can not bring itself to participate. I don't think they are coming in any time. This is just pros trading now. Hi Meb. It's one of my theories on low volume for this rally. The retail investor sold out at the lows and can not bring itself to participate. I don't think they are coming in any time. This is just pros trading now.

]]> By: wlc http://www.mebanefaber.com/2009/10/10/lose-72-of-your-investors-make-the-cover-of-barrons/comment-page-1/#comment-3007 wlc Thu, 15 Oct 2009 18:08:21 +0000 http://www.mebanefaber.com/?p=1809#comment-3007 Yes... just look at the DALBAR studies. Yes… just look at the DALBAR studies.

]]> By: wkevinw http://www.mebanefaber.com/2009/10/10/lose-72-of-your-investors-make-the-cover-of-barrons/comment-page-1/#comment-3006 wkevinw Thu, 15 Oct 2009 00:31:41 +0000 http://www.mebanefaber.com/?p=1809#comment-3006 The CGMFX performance stats are truly eye popping. I am not sure how they really gather them. Are people really that bad about buying high and selling low? The CGMFX performance stats are truly eye popping. I am not sure how they really gather them. Are people really that bad about buying high and selling low?

]]> By: keithpiccirillo http://www.mebanefaber.com/2009/10/10/lose-72-of-your-investors-make-the-cover-of-barrons/comment-page-1/#comment-3005 keithpiccirillo Tue, 13 Oct 2009 00:10:21 +0000 http://www.mebanefaber.com/?p=1809#comment-3005 Ouch! Kick a guy when he's down!<br>I've used Ken Heebner all the way back to when he was running a fund called New England Zenith, over twenty years ago. This was part of or just before Loomis-Sayles.<br>My biggest regret is not rebalancing enough during those big gaining years, and realising we really were in a recession, although our government leaders never mentioned the "R" word. <br>So it goes. Ouch! Kick a guy when he's down!
I've used Ken Heebner all the way back to when he was running a fund called New England Zenith, over twenty years ago. This was part of or just before Loomis-Sayles.
My biggest regret is not rebalancing enough during those big gaining years, and realising we really were in a recession, although our government leaders never mentioned the “R” word.
So it goes.

]]> By: WorldBeta http://www.mebanefaber.com/2009/10/10/lose-72-of-your-investors-make-the-cover-of-barrons/comment-page-1/#comment-3003 WorldBeta Mon, 12 Oct 2009 02:16:19 +0000 http://www.mebanefaber.com/?p=1809#comment-3003 That stat is actually for Heebner's fund... That stat is actually for Heebner's fund…

]]> By: moom http://www.mebanefaber.com/2009/10/10/lose-72-of-your-investors-make-the-cover-of-barrons/comment-page-1/#comment-3001 moom Sun, 11 Oct 2009 04:43:45 +0000 http://www.mebanefaber.com/?p=1809#comment-3001 I don't understand how they computed that. I find the total fund return 2004-2008 as 50% according to the data they supply and the investor return as 17%, yet they claim the 5 year annualized return is -15%? I don't understand how they computed that. I find the total fund return 2004-2008 as 50% according to the data they supply and the investor return as 17%, yet they claim the 5 year annualized return is -15%?

]]> By: Wide Moat http://www.mebanefaber.com/2009/10/10/lose-72-of-your-investors-make-the-cover-of-barrons/comment-page-1/#comment-3000 Wide Moat Sun, 11 Oct 2009 03:44:49 +0000 http://www.mebanefaber.com/?p=1809#comment-3000 I thought the same thing... down 72% in 18 months, then up 37% totals what?<br><br>Yep, still down about 62%... gulp. I thought the same thing… down 72% in 18 months, then up 37% totals what?

Yep, still down about 62%… gulp.

]]> By: AlanPendleton http://www.mebanefaber.com/2009/10/10/lose-72-of-your-investors-make-the-cover-of-barrons/comment-page-1/#comment-2999 AlanPendleton Sun, 11 Oct 2009 02:42:53 +0000 http://www.mebanefaber.com/?p=1809#comment-2999 Wow. Amazing that the investor return can be so radically different than the vanilla total return. It's not completely fair to fault Miller for the fact that his investors chose to buy high and sell low. The difference in the two statistics is due to the fact that on average the net assets of the fund were smaller during the good years and larger during the bad years. Hmm ... maybe the lesson here is to stay away from large funds. Wow. Amazing that the investor return can be so radically different than the vanilla total return. It's not completely fair to fault Miller for the fact that his investors chose to buy high and sell low. The difference in the two statistics is due to the fact that on average the net assets of the fund were smaller during the good years and larger during the bad years. Hmm … maybe the lesson here is to stay away from large funds.

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