PKW - News and Analysis from Seeking Alpha 'PKW' Tag RSS Syndication from SeekingAlpha.com SeekingAlpha.com http://seekingalpha.com/symbol/pkw Buyback ETF: Valuable Idea or Value Trap? http://seekingalpha.com/article/90881-buyback-etf-valuable-idea-or-value-trap?source=feed 90881

Value investors have been getting burned in ways that they could not possibly have imagined. Bill Nygren's fabled Oakmark Fund (OAKMX) posted -20% over the past year compared to a loss of -14% for the S&P 500. The more famous Bill, Mr. Miller, is down more than 30% YTD in Legg Mason Value Trust (LMVTX).

The problem is well-documented. Many of those who achieved star manager status found "value" in beaten-up financial companies. The stock market punished these stock-pickers severely for selecting shares of "value trap companies."

]]> Thu, 14 Aug 2008 03:21:34 -0400 Gary Gordon Gary Gordon submits:

Value investors have been getting burned in ways that they could not possibly have imagined. Bill Nygren's fabled Oakmark Fund (OAKMX) posted -20% over the past year compared to a loss of -14% for the S&P 500. The more famous Bill, Mr. Miller, is down more than 30% YTD in Legg Mason Value Trust (LMVTX).

The problem is well-documented. Many of those who achieved star manager status found "value" in beaten-up financial companies. The stock market punished these stock-pickers severely for selecting shares of "value trap companies."


Complete Story »]]> PKW Gary Gordon Alternatives and Absolute Return with ETFs http://seekingalpha.com/article/84375-alternatives-and-absolute-return-with-etfs?source=feed 84375 Over the years, absolute return approaches have formed the cornerstone of many of our client portfolios, traditionally through hedge fund of fund vehicles and separate account managers. It was with great fanfare then, that we rolled out a range of new ETF portfolios to our clients earlier this year that removed many of the down side operational risks to hedge fund investments with the potential of achieving absolute returns.

By creating risk based portfolios of approximately 20 ETFs with the liquidity, transparency, low cost and tax efficiency that the ETF world allows us to deliver, investors are able to fully engage in the investment process by having complete look through to the portfolio construction.

]]> Thu, 10 Jul 2008 04:16:21 -0400 David McMillan David McMillan submits:

Over the years, absolute return approaches have formed the cornerstone of many of our client portfolios, traditionally through hedge fund of fund vehicles and separate account managers. It was with great fanfare then, that we rolled out a range of new ETF portfolios to our clients earlier this year that removed many of the down side operational risks to hedge fund investments with the potential of achieving absolute returns.

By creating risk based portfolios of approximately 20 ETFs with the liquidity, transparency, low cost and tax efficiency that the ETF world allows us to deliver, investors are able to fully engage in the investment process by having complete look through to the portfolio construction.


Complete Story »]]> DBV DGS ETJ EWS EWY FXP GLD JJA JJG OIL PCY PFP PIO PKW PLW PXF SCC SRS TIP UDN David McMillan Buybacks: A Wolf In Sheep's Clothing http://seekingalpha.com/article/49505-buybacks-a-wolf-in-sheep-s-clothing?source=feed 49505 Buybacks are supposed to make us feel all warm and fluffy about companies. "See?" we are supposed to think. "Management believes in the stock." But why are the companies doing these buybacks underperforming the market?

The chart below compares the PowerShares Buyback Achievers ETF (PKW) (in blue) with the S&P 500 (red) and Nasdaq Composite (green), since the launch of PKW in December 2006. PKW holds the stocks of companies engaged in large-scale corporate buybacks. So far, it is trailing the S&P 500 by more than 5% since inception, and the Nasdaq Composite by more than 10%.

]]> Thu, 11 Oct 2007 11:49:00 -0400 Index Universe IndexUniverse submits:

Buybacks are supposed to make us feel all warm and fluffy about companies. "See?" we are supposed to think. "Management believes in the stock." But why are the companies doing these buybacks underperforming the market?

The chart below compares the PowerShares Buyback Achievers ETF (PKW) (in blue) with the S&P 500 (red) and Nasdaq Composite (green), since the launch of PKW in December 2006. PKW holds the stocks of companies engaged in large-scale corporate buybacks. So far, it is trailing the S&P 500 by more than 5% since inception, and the Nasdaq Composite by more than 10%.


Complete Story »]]> PKW QQQQ SPY Index Universe ETFs As a Price Discovery Tool http://seekingalpha.com/article/49513-etfs-as-a-price-discovery-tool?source=feed 49513 Matt Hougan's illustration of the Powershares Buyback Achievers Fund's (PKW) underperformance is really interesting, and shows how ETFs can act as a window on markets.

Obviously any evidence of the first blush of performance of the buyback fund needs to be taken as anecdotal. The first lesson in Economics 101 (heck, in Science 101) is that just because factors correlate over some time period does not mean they're connected. Still, conventional wisdom absolutely is that buybacks increase stock performance, though reflecting on this, it wouldn't necessarily be the case, for all the reasons Matt illustrates.

]]> Wed, 10 Oct 2007 18:26:21 -0400 Index Universe IndexUniverse submits:

Matt Hougan's illustration of the Powershares Buyback Achievers Fund's (PKW) underperformance is really interesting, and shows how ETFs can act as a window on markets.

Obviously any evidence of the first blush of performance of the buyback fund needs to be taken as anecdotal. The first lesson in Economics 101 (heck, in Science 101) is that just because factors correlate over some time period does not mean they're connected. Still, conventional wisdom absolutely is that buybacks increase stock performance, though reflecting on this, it wouldn't necessarily be the case, for all the reasons Matt illustrates.


Complete Story »]]> PKW Index Universe