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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club

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To: Kirk © who wrote (6169)	6/23/1999 12:10:00 AM
From: Carl R.	Read Replies (2) of 15132

Kirk, here is the mystery question: You say that you do better than the index funds, but is it because you take more risks, or because of your genius at stock picking? It's easy to outperform an index fund in a bull market, all it takes is a high beta portfolio. But that same portfolio will under-perform in a bear market. During a long bull market such as we have had, it is easy to lose track of these differences, but they will become apparent if that bear ever comes. I also have beaten the indexes, but I do recognize that I take a fair number of risks to do so, and I don't recommend those risks to others. Will I be able to outperform in a bear? I hope so, but that remains to be seen. There are not that many investors who have consistently outperformed the market over many years in both bear and bull markets, and I certainly have done nothing yet to prove that I belong in that bunch. One that comes to mind is Buffet, an advocate of fundamentals, though I'm sure you can think of others. Good luck beating the bear, if and when he comes. I'm sure I'll need it too, Carl

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