Foust

Miller and Heebner: A Study in Contrasting Investment Styles

Not defending Miller here, but if you look at rolling one-year excess returns relative to the S&P 500 on a monthly basis, Heebner (based on CGM Mutual, not Focus) has actually underperformed more than he has outperformed since inception. Miller has outperformed 70% of the time, beginning in 1995 and running through march 2008. Obviously, the magnitude of underperformance over the last two years has been staggering, but Heebner has gone through even worse periods (97-98) of underperformance that everyone is ignoring now because he has the hot hand. The real stud, over the short and long term, is Manu Daftary at QUAGX.