Jeff Miller

Reviewing Our January 2009 Market Predictions

U Dontknow --

You are correct, of course. My clients were fully invested, and I was in personal accounts. But we also had losses last year.

If you are a long-only manger, it is a question of stock picking, and I did well with that. The client either asks for overall portfolio management, where I can adjust exposure, or else sees my program as his/her long exposure. The client decides whether to commit more funds or to pull back.

In my preview for 2009 I tried to encourage investors who had no positions -- those who had been scared out of the market -- to do some reallocation of assets.

That was good advice. My regular clients, quite obviously, did much better.

Thanks for highlighting a key distinction.

Jeff


On Aug 29 08:14 AM U Dontknow Jack wrote:

> The really good returns were made by those people that didn't commit
> just 1/3 to equities when the prices were unbelievably cheap in Feb
> - March.
>
> If you couldn't buy then, at those prices, you just didn't know what
> you were looking at.