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John Heneghan

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  • How I Use ETFs To Capture Sectors and 'Secondary Effects' [View article]

    Thanks for this interesting post about portfolio construction and sector allocations in which you use the S & P 500 as the benchmark. At the other extreme, there was an interview in Barron's this week with David Richards, former money manager at Capital Research & Management and PrimeCap.

    The article indicated that "Richards is braced for calamity." He is anticipating rising inflation and an uptick in short rates which could create a financial crisis. His long portfolio is 50% oil, 30% gold, 11% Microsoft, 4% Berkshire Hathaway and 3.5% Russia.

    I viewed Richard's portfolio as "betting for calamity" more than "bracing" for such potential risks. I would be interested in your thoughts on Richard's contrarian economic forecasts and portfolio construction.
    Aug 21, 2006. 09:29 AM | Likes Like |Link to Comment
  • Factual Nuggets On Gold and Silver (ETFs: GLD, SLV) [View article]

    I owned Coeur d'Alene Mines Corp. (CDE) one of the largest silver producers for some time after it was reported that Buffett was buying silver, ignoring his advice to own the metal not a silver miner because of the additional risks and costs. I was taught why it was sage advice as CDE had one operating dissappointment after another. Lesson learned.
    Jan 30, 2006. 10:51 PM | Likes Like |Link to Comment
  • Factual Nuggets On Gold and Silver (ETFs: GLD, SLV) [View article]
    Nice summary Roger. The Silver Institute has a summary of supply and demand dynamics over the past ten years through 2004 and summarizes "consumption" of ounces of silver for industrial applications and photography at www.silverinstitute.or....

    I've been following silver since Warren Buffett made a large purchase of silver for BRK many years ago and commented at the time about the favorable demand-supply dynamics. I've been looking for an efficient way to own silver for the average investor and have successfully used FCX-PD to gain silver exposure but was looking forward to iShares silver ETF.
    Jan 25, 2006. 09:43 AM | Likes Like |Link to Comment
  • Rob Arnott's RAFI 1000 Fundamental Index -- Not An Index At All (ETF: PRF) [View article]
    Accidental Consultant thanks for bringing some needed clarity to this discussion with some lucid examples. I read the previous discussion of this topic and Arnott's response, but I didn't follow it. I get it now. Thanks.
    Dec 26, 2005. 06:41 PM | Likes Like |Link to Comment
  • An Interview with Jay Buster on "Protected Stocks" and Potential Nikkei 225 Plays vs. ETFs and CEFs [View article]
    This was a very fascinating and informative article. I had not heard of these products previously. I don't feel I fully understand these securities yet, but the article wet my appetite. I'll spend some more time at Jay's website This is another very innovative tool in the investment management and risk management toolkit, particularly for conservatively managed portfolios. For example, I have two teenage children with college funds earmarked for 2010 and 2011 start dates that these products might fit nicely into their broadly diversified portfolio. Thanks.
    Dec 22, 2005. 09:33 PM | Likes Like |Link to Comment
  • "A Contrarian View of Japanese Stocks: Now Is a Good Time to Buy Them" (EWJ, ITF, VPL) [View article]
    Nice article by Clements on Japanese market. His articles are generally very thought provoking and his advice is always investor friendly.

    Check out S & P article with ETF portfolio recommendations at
    Recommended portfolio allocation to Japan is almost a full 6% - 4% EWJ and almost 2% from EFA with roughly 20% Japan allocation.
    Dec 1, 2005. 09:56 PM | Likes Like |Link to Comment
  • In the News: The Rise of ETFs [View article]
    Great article by Roger. I enjoyed his thoughtful analysis that an "all ETF" portfolio may not always the best solution for all markets. ETFs and indexing work best in large, liquid and efficient markets. Opportunistic active risk budgeting in smaller, less liquid or niche markets, like Ireland, or undervalued markets can enhance returns for more risk tolerant investors. A couple of additional examples of asset/market exposures not available through ETFs with widely different risk dynamics would be timber assets (available through Plum Creek Timber (PCL) and Rayonier (RYN)) and Russian market through Central Europe and Russia Fund closed end fund (CEE).
    Dec 1, 2005. 09:21 PM | Likes Like |Link to Comment