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Strategies & Market Trends : Value Investing

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To: Dale Baker who wrote (16211)	1/20/2003 6:10:11 PM
From: Jurgis Bekepuris	Read Replies (1) of 78701

Dale, Value managers' performance... Overall, any fund's (or personal portfolio's :-)) performance is snake's nest. It's better not to disturb it. :-( The problem is distributions + the holding period... :-((( All the public charts - AFAIK - don't include distributions, except the ones provided directly by mutual funds themselves. Another issue is the starting date data - does the service have fund prices from the very beginning. E.g. CFIMX looks horrible on this: finance.yahoo.com while they claim to have 17.5% "average annual total returns" from inception to 12/31/2000, while S&P - according to CFIMX's prospectus had only 16.8%. And this is when the gap in the chart above was larger than it is now. It seems Yahoo does not have the data from 1984 when the fund started. But then - do we care about "performance from inception"? Let's say, we don't. But then CFIMX beats S&P on both 5 year and 2 year charts. And so on... Overall, I agree with you. Neither Marty, nor really almost anybody beats S&P consistently with large enough margin to be worth investing with them. And even Bill Miller's - he beat S&P in the last 12 years - record is not spectacular: finance.yahoo.com So should we all index? Or try to find next MSFT? Jurgis - serious questions.com

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