CGM Focus, death of a giant: Part 1
In sports we have the Sports Illustrated cover curse, in the world of equities we have Fortune Magazine. In an article written on May 27, 2008, Fortune deemed Ken Heebner (CGM's mastermind) America's hottest investor. Who's to blame them, in 2007 Heebner returned an almost unfathomable 79% return on his Focus fund. This in a year when the SPX barely returned more than 5%. Like the fund name implies Focus is a heavily concentrated fund with a little more than 20 stocks. When things go right like in 2007 the results can be astonishing, however when they go wrong like in 2008, the results can be a bit harder for investors to swallow.
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