Not such a bad quarter for the S&P 500, up around 2%. Unfortunately, I was down 4%. Value was out of favor, as were many of my favored industries. I got whacked along with many of the quant funds it seems. This leaves me flat versus the S&P 500 for the year. We’ll see what the fourth quarter brings.
I still like my stocks. For those that follow me, remember that my favored holding period is around three years, which is how I would recommend that people measure my ideas, over a three-year rolling horizon.