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   Strategies & Market TrendsKen Heebner and CGM Focus Fund CGMFX


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To: Sam Citron who wrote (22)1/17/2009 5:08:49 AM
From: Condo
   of 37
 
deleted

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To: Condo who wrote (23)1/17/2009 3:13:24 PM
From: timber555
   of 37
 
Looks like Heebner sold his financials Thursday. CGMFX up +1% and financials down -3% on Friday. First divergence in quite a while.

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To: timber555 who wrote (25)1/17/2009 5:38:02 PM
From: Condo
   of 37
 
Looks like Heebner sold his financials Thursday.

Really!? Judging by the articles Sam Citron has posted here on the thread, whenever Mr. Heebner changes his mind about the market, he moves fast. I wonder what he's buying.
.:.

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To: Condo who wrote (26)1/20/2009 4:30:07 PM
From: Sam Citron
   of 37
 
Yes, looks like he has changed course pretty abruptly. Probably buying gold miners and going short most other sectors.

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To: Sam Citron who wrote (27)1/20/2009 9:38:45 PM
From: Condo
   of 37
 
Probably buying gold miners...
That would have been timely. NEM was up about 3% today.

...and going short most other sectors.
In CGMFx, of course.
CGMRx fell nearly 5% more than CGMFx today.
.:.

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To: Condo who wrote (28)1/21/2009 8:53:22 AM
From: timber555
   of 37
 
It appears gold and shorts are out of the picture, based on Tuesday's performance.

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To: timber555 who wrote (29)1/21/2009 12:55:05 PM
From: Condo
   of 37
 
It appears gold and shorts are out of the picture

The Jul...Dec 2008 report comes out around the end of Jan.
But KH changes the portfolio a lot, so by Feb..?

Heebner wanted to leave Loomis largely because other money managers there were piggybacking on his ideas.
Message 24653732
.:.

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From: Condo2/1/2009 10:27:08 AM
   of 37
 
- left-handed fencer -

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From: Julius Wong2/18/2009 11:29:00 PM
1 Recommendation   of 37
 
Wednesday, February 18, 2009
Ken Heebner's Fourth Quarter 2008 Moves - CGM Focus (CGMFX) & Others
Posted by TraderMark

Biggest Additions in the Quarter:
1. Metlife (MET) - Insurance
2. Hartford Financial (HIG) - Insurance
3. Apolle Group (APOL) - Adult "re-education"
4. Baxter International (BAX) - Healthcare
5. Aflac (AFL) - Insurance
6. Gilead Sciences (GILD) - Biotech/healthcare
7. Research in Motion (RIMM) - Technology
8. Newmont Mining (NEM) - Precious metals
9. Prudential (PRU) - Insurance
10. Berkshire Hathaway (BRK-A) - Insurance and others

fundmymutualfund.com

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From: Condo5/13/2009 9:53:51 PM
   of 37
 
Heebner’s Trading for CGM Focus Fund Almost Tripled in 2008
By Miles Weiss
May 6 (Bloomberg)
(excerpt)
“What happened in ‘08 was Ken got whipsawed,” said A. Michael Lipper, the managing member of LSF Capital Advisors LLC, a Summit, New Jersey, firm that invests in financial-services companies. “With his very good long-term record, money came in and some of that money was hot money that was very sensitive to short-term performance.”

CGM Focus is the best-performing diversified U.S. stock fund in the 10 years ended March 31, with an average annual return of 16.7 percent, according to Morningstar.

Known as “Bigfoot” for his large movements in and out of stocks, Heebner sold CGM Focus’s stakes in oil and metals companies in the third quarter of 2008, incurring “major losses,” according to the fund’s annual report.

CGM Focus invested in financial-services companies during the quarter, only to get hit with more losses when those stocks slumped. By the end of the year, it held stock in insurers, drugmakers, and metals and mining companies.

Turnover Rate

The fund had a portfolio turnover rate of 504 percent last year, according to the annual report filed with the SEC on Feb. 27.
(continued)

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