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Recapping the First Five Months

W'ere up 18% for the year (until the end of May), compared to a basically flat market for the Dow and S&P 500 . More to the point, we are back across the "start line" of January 1, 2008--with the market much lower.

Yes, we had losses last year, but 18% was enough to recouop those losses. "What you don't lose, you don't have to earn back."

Those good results were the product of a Graham and Dodd strategy. Last year, this included a heavy cash position, and a "synthetic short" position in the Prudent Bear Fund.

This year, there were a number of Graham and Dodd type investments, in Ashland Chemical (NYSE:ASH), and Dow Chemical (Dow), since sold, and a successful trade in Citgroup C). Also, precious metals positions such as Hecla Mining (NYSE:HL), and Nova Gold (NYSEMKT:NG),  and corporate restructruring plays such as Agilysis (NASDAQ:AGYS) LCA Vision (NASDAQ:LCAV), Target (NYSE:TGT), and Wyeth (WYE), since retained.

 

Disclosure: Long Prudent Bear Fund, AGYS, HL, LCAV,NG, TGT, WYE. No longer long ASH, C, or DOW.