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a plague o both your houses

Cam Hui on Ken Heebner

Over at ‘Humble Student of the Markets’ and linked right here (go visit), Cam Hui takes a good, hard look at the recent record of fund guru Ken Heebner and finds him wanting. Quite right, Cam. I have fond memories of Heebner at this time last year when I was shouting “short PBR” (that got me into the London FT I shouted so loud) and people would point out that I was taking a contrary position to the legendary Ken. And the rest, as they say, is history.


Now for a short Ottotrans™: This is what Cam Hui (obviously a gentleman) says:

“Ken Heebner has a bottom-up driven investment process but takes big macro bets as a result of his bottom-up analysis. This style can work well when the economy is showing a trend, but I believe that Heebner tried to call the turning point a little early and got hurt.”

And this is how Otto (obviously less so) translates it:

“Any dickhead looks good in a bull market.”

DYODD

Heebner’s CGM Focus Fund track record

(click to enlarge)

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