The market soared on *Obama picks*??? (link)
I defy Businessweek to find 4 people anywhere on this overheated planet who bought stocks today because Barack Hussein Obama nominated his economic team.
They just make sh*t up out of thin air.
It's been 3.5 years now since I dumped Businessweek or, as I called it back then Anti-Businessweek.
Click that link to read a young, unrefined C-Nut smacking down *agitprop*.
Addendum - Okay, Kfell...yeah, Harry Lange more than likely bought some stocks today on the *Obama picks*. He probably bought the *close*!
5 comments:
Poor Harry! Maybe he doubled down on Citigroup on Friday before the bailout announcement. Looking at the current returns of the fund, Harry might want to brush up his resume or contract C-nut in helping with portfolio management. His one yr return is -47.47 vs the S&P -36.10 and his 3 yr number is -9.94% vs -5.21% for the 500 index. Investors have the pleasure of paying a .72% expense ratio or 10 times the cost of Fido's 500 index fund for Harry to lose more of their money. C-nut, I propose you do an investigative report on the average Magellan investor. You might find there are many finalists to the Darwin Awards in that group.
Kfell
http://www.bloggingstocks.com/2008/05/26/qanda-with-fidelity-magellans-harry-lange/
Posted May 26th, 2008
Harry Lange: Right. I'm a contrarian growth investor. So when the market sold off pretty heavily I did get more aggressive. A little bit more into technology stocks, higher beta things, and then more recently in the last few weeks, I started adding to financials, which is pretty new for me.
Lowell: That's very new for you; in fact it's the first time you've added to the group since taking the helm at Magellan.
Lange: Brand new. I've strictly always been underweight in financials.
Lowell: When you say financials, do you mean mainly US – and is this a call for a bottom in this group?
Lange: US. Just thinking of it really, I've felt the bottom I think in the write-offs and write-downs from here on. There will still be a credit crisis because that's a long lagging thing, but I think the liquidity and confidence in the financial markets is coming back, so I'm getting more optimistic.
One more post and I promise to layoff Harry!
Lowell: What about other areas on the global map? To my mind, Latin America remains a multiple play on energy, but I'd be interested to hear what you have to say about it.
Lange: What I like better is that a lot of the countries in Latin America, Brazil, Argentina, and Mexico, have had issues and runaway inflation from time to time and things like that, and some of their corporate governance has gotten better, too, making more rational economic type decisions. So I'm pretty optimistic. I've got the biggest weighting I've ever had in Latin America.
Kfell
Was talking to a Fidelity analyst recently. He thought I was too hard on Lange. He said that these guys *have to be long* they *have to be fully invested* because that's their charter; that's what investors expect them to do.
There's an extent to which he's right.
But only a small one.
I agree (to an extent) as you point out. But doubling down on financials at the worst time is a bad decision and not related to the charter. Next time you see this analyst, bring up Jeff Vinick the Magellan manager from 7/92-6/96. The charter was a little more lenient then and he took a huge bet on Mexican Bonds and lost his shirt when the country I believed defaulted.
This sounds like nothing more than a crutch to explain away his terrible bets.
Kfell
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