Sunday, December 17, 2006

If I had a Million Dollars....

If I had a million dollars, would I give it to a hedge fund manager? I was watching TV on Friday and they were talking about Christmas bonuses on Wall Street. As JG himself would say, "sheesh"! (Jaw-Dropping Bonuses on Wall Street). The average bonus at GS is $622,000. Now those guys work hard, have very stressful jobs and are undeniably smart. The ones who get my goat are the hedge fund guys. I don't quite see how they are creating value in today's society, yet they make the people in "Bonfire of the Vanities" look like Mother Theresa.

Think about it this way, I paid Vivian Lewis $129 for her most excellent newsletter on international stocks. I am up 30%. Suppose I had invested $1m with her recommendations (in my dreams). I'd be up 300,000 less my $129. If I had been with a hedge fund and I was up 30% (I'll bet many are not up that much), I would pay 1% of my investment ($10,000) plus 20% of gains exceeding say 20% (about another $20,000). So the hedge fund would be $30,000 more. plus, they are really incented to take risks with my money as (1) they get bigger payments and (2) they risk losing me if they are just average... so I'd bet you dollars to do-nuts their results will be much more volatile. Sheesh!

Just a couple quick lists for the time capsule. The first is my current MFI portfolio sorted by performance. The 2nd list is the most recent top 50 over 100m. It is strange, when I make my lists in OpenOffice, they come into Blogger perfectly. But if I save them in Excel they aren't formatted properly. Weird.

Current Portfolio
Stock Cost Current Gain
PNCL $6.68 $10.98 64.4%
TGIS $10.34 $15.33 50.1%
UST $39.36 $56.41 49.1%
ASEI $45.85 $65.81 43.5%
VPHM $11.80 $15.01 27.2%
BBSI $19.56 $23.56 20.8%
MSTR $94.36 $113.09 19.8%
PGI $7.71 $9.19 19.2%
CHKE $37.55 $42.06 17.2%
ANF $61.13 $69.39 14.4%
ELX $17.85 $20.08 12.5%
BLDR $15.91 $17.82 12.0%
FTO $28.76 $31.94 11.4%
MGLN $38.34 $42.60 11.1%
MTEX $13.11 $14.17 9.9%
ISNS $13.17 $13.11 -0.5%
PTEN $26.72 $25.51 -3.9%
RAIL $58.18 $55.01 -5.3%
PONR $30.98 $29.29 -5.5%
KG $17.31 $16.28 -6.0%
DLX $26.36 $23.88 -6.0%
PACR $32.53 $30.07 -6.2%
TBL $34.50 $32.00 -7.2%
TRLG $17.02 $15.50 -8.9%
ORCT $11.83 $10.64 -10.1%
FDG $34.03 $23.98 -24.8%
HW $33.04 $24.08 -27.1%
EZEN $2.84 $2.00 -29.5%
OVTI $27.79 $14.49 -47.9%




Current Gain/Loss ($) $20,533
Current Gain/Loss (%) 6.3%
Sold Gain/Loss ($) $10,050
Sold Gain/Loss (%) 25.0%
Total Gain/Loss ($) $30,582
Benchmark Gain/Loss ($) $37,139
Annual IRR 15.9%
Total Gain/Loss (%) 9.7%

Top 50 companies with a minimum market cap. of $100 million
Companies are listed in alphabetical order
Name (in alphabetical order) Ticker Market Cap
($ Millions)
Pre Tax
Earnings Yield
Pre Tax
Return on Capital
Price
From
Most Recent
Quarter Data
Aspreva Pharmaceuticals Corp ASPV 673.86 28% > 100% 12/14 09/30
Axcan Pharma Inc AXCA 650.37 10% > 100% 12/14 09/30
Barr Pharmaceuticals Inc BRL 5,467.68 11% > 100% 12/14 09/30
Barrett Business Services Inc BBSI 271.79 10% > 100% 12/14 09/30
Biovail Corp BVF 3,353.84 15% > 100% 12/14 09/30
Cavco Industries Inc CVCO 220.59 14% > 100% 12/14 09/30
Cryptologic Inc CRYP 275.59 16% > 100% 12/14 09/30
Deluxe Corp DLX 1,277.81 10% > 100% 12/14 09/30
EPIQ Systems Inc EPIQ 309.26 17% > 100% 12/14 09/30
EarthLink Inc ELNK 834.02 12% > 100% 12/14 09/30
ExpressJet Holdings Inc. XJT 471.75 34% 50 - 75% 12/14 09/30
Fording Canadian Coal Trust FDG 3,485.37 19% > 100% 12/14 09/30
Freeport-McMoran Copper & Gold Inc. FCX 11,762.51 21% 75 - 100% 12/14 09/30
FreightCar America Inc RAIL 686.53 32% > 100% 12/14 09/30
Frontier Oil Corp. FTO 3,546.38 17% > 100% 12/14 09/30
Harland (John H.) Co JH 1,121.44 10% > 100% 12/14 09/30
Harvest Natural Resources Inc. HNR 396.49 16% > 100% 12/14 09/30
Holly Corp HOC 3,033.83 13% 75 - 100% 12/14 09/30
Intersections Inc INTX 174.62 12% 75 - 100% 12/14 09/30
K-Swiss Inc KSWS 1,126.71 12% > 100% 12/14 09/30
King Pharmaceuticals Inc. KG 4,016.24 17% > 100% 12/14 09/30
Korn/Ferry International KFY 939.06 10% > 100% 12/14 10/31
Labor Ready Inc. LRW 996.19 12% 75 - 100% 12/14 09/30
Lam Research Corp LRCX 6,872.10 9% > 100% 12/14 09/30
Lamson & Sessions Co LMS 396.39 19% 50 - 75% 12/14 09/30
Mannatech Inc MTEX 357.18 15% > 100% 12/14 09/30
Motorola Inc. MOT 50,018.07 11% > 100% 12/14 09/30
New Frontier Media Inc NOOF 221.99 10% > 100% 12/14 09/30
Nucor Corp NUE 17,622.43 16% 50 - 75% 12/14 09/30
OmniVision Technologies Inc OVTI 793.44 20% 75 - 100% 12/14 10/31
Optimal Group Inc OPMR 207.76 11% > 100% 12/14 09/30
PW Eagle Inc PWEI 421.32 39% > 100% 12/14 09/30
Pacer International Inc PACR 1,115.23 10% > 100% 12/14 09/30
Palm Inc PALM 1,471.94 14% > 100% 12/14 08/31
Patterson-UTI Energy Inc PTEN 4,170.38 24% 50 - 75% 12/14 09/30
Pinnacle Airlines Corp PNCL 246.20 28% > 100% 12/14 09/30
PortalPlayer Inc PLAY 341.08 18% > 100% 12/14 09/30
Prestige Brands Holdings Inc PBH 628.60 9% > 100% 12/14 09/30
Southern Copper Corp PCU 17,019.79 15% 50 - 75% 12/14 09/30
Teck Cominco Ltd TCK 17,423.18 17% 50 - 75% 12/14 09/30
True Religion Apparel Inc TRLG 354.98 13% > 100% 12/14 09/30
United Industrial Corp UIC 577.10 11% > 100% 12/14 09/30
United Online Inc UNTD 877.13 11% > 100% 12/14 09/30
Vaalco Energy Inc EGY 453.53 19% > 100% 12/14 09/30
Valassis Communications Inc. VCI 757.69 15% > 100% 12/14 09/30
Verigy Ltd VRGY 1,053.39 15% > 100% 12/14 10/31
ViroPharma Inc VPHM 1,060.35 12% > 100% 12/14 09/30
Western Refining Inc WNR 1,924.82 17% 75 - 100% 12/14 09/30
Williams Controls Inc WMCO 108.53 13% 75 - 100% 12/14 09/30
World Air Holdings Inc WLDA 198.45 17% 75 - 100% 12/14 06/30

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