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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