From First to Worst; Ken Heebner bet wrong on banking stocks in 2008

Ken Heebner’s CGM Focus Fund had incredible performance in 2007. Fortunate shareholders enjoyed returns of 80%. But that was then; in 2008 Heebner sold energy and bet wrong on banks. He lost over 60% each in Bank of America and Citi. Ouch!

cgm-chart

How the mighty have fallen. For 2008 Mr. Heebner Fund was ranked in the bottom 96% of all similarly managed funds.

Bloomberg has information on Heebner and other falling stars including Harry Lang over at Fideltiy whose Megellan Fund lost 49% in ’08.

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One Response to “From First to Worst; Ken Heebner bet wrong on banking stocks in 2008”

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