It was a Good Quarter; Also, my Favorite Managers

It’s good to be back home with my wife and kids. There truly is no place like home, particularly when things seem to be working well with my wife and kids.

Two quick notes, because I’m kind of tired:

  1. I wondered at many points this quarter whether I would beat the S&P 500 or not. Not counting my unpaid dividends and interest, I can say that I was ahead by 110 basis points for the quarter, bringing the year-to-date figure to 590 basis points. I don’t expect to win every quarter, and not every year either, but the streak is at six years now, and I hope to prolong it. Let’s see how I do at the next portfolio reshaping, which should come this week.
  2. One of my readers asked for my favorite mutual fund managers. Here they are: Marty Whitman at Third Avenue, Ron Muhlenkamp at the Muhlenkamp Fund, Don and Craig Hodges at the Hodges Fund, Ken Heebner at CGM, and Bob Rodriguez at FPA. (There are other value managers I like as well, Tweedy Browne, and Heartland Value, to name a few. I am a value guy, but I like rotating sectors.)

All of these managers are willing to look for cheap assets, and sectors that are undervalued. That’s what I do, and my record is comparable to theirs, though I run a lot less money.
Here’s to a great second half of the year. Let’s make some money together, or, at least not lose more than the market.